Russian holding company Altimo, which indirectly owns a 13.2% stake in Turkish mobile phone giant Turkcell, has indicated that it intends to seize a further 13.7% stake in the company if Cukurova Holding fails to make good on its outstanding USD1.45 billion debt by early-March. According to Bloomberg Mustafa Kiral, vice president for mergers and acquisitions at Altimo (the telecoms investment firm controlled by Russian billionaire Mikhail Fridman’s Alfa Group) claims that the potential seizure is permitted by a decision in September 2011 by the Eastern Caribbean Court of Appeal.
Taken from:
OVETEL Altimo to seize Cukurova stake in Turkcell unless debt is paid by March
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