Tekel Privatisation Stalls Once Again

It appears that the Turkish government has once again cancelled the sale of its state-owned tobacco company Tekel, for the third time since 2003. According to reports in the local press, the sale will be put off until the business can be restructured. No new date has been given for the sale, which will be suspended until Tekel's market share can rise above 40%. Japan Tobacco offered U$1.15bn for Tekel in 2003, but the bid was rejected by the government who were holding out for a higher price, hoping for a bid as high as US$2.5bn in what is the

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