Turkish conglomerate Cukurova Holding has begun an attempt to acquire a further stake in the country’s leading mobile operator, Turkcell.
Cukurova Holding has initiated an arbitration process that would see it take over the indirect stake in Turkcell currently held by Russia’s Alfa Group. Turkcell’s parent company, Turkcell Holdings, is owned indirectly by three shareholders – Cukurova, Alfa Group, and TeliaSonera.
However, there appears to be some animosity between the stakeholders, with Cukurova reportedly suing Alfa Telekom in the London Court of International Arbitration for an alleged violation of their partnership agreement. Cukurova maintains that Alfa Telekom was attempting to profit from an ongoing dispute between the other two partners.
Turkcell is going through a period of upheaval, with new CEO Kaan Terzioglu taking over on April 1st after the resignation of Süreyya Ciliv in January after an 8-year tenure. The operator’s 72 million connections give it a market share of 48%.
Alfa Telekom offered to acquire a 13.76% controlling stake in Turkcell earlier this month for $2.8 billion, but was rejected by shareholders.
