TeliaSonera to increase Turkcell stake

TeliaSonera has announced that an arbitration tribunal of the International Chamber of Commerce has ordered Cukurova group to hand its remaining stake in Turkcell Holding to the Swedish telecoms group. The transfer, reportedly worth USD3.1 billion in cash, would give TeliaSonera a majority stake in Turkey’s top mobile operator, boosting its effective share in Turkcell from 37.3% to 64.3%. Cukurova had agreed in March 2005 to transfer its Turkcell stake to TeliaSonera, but failed to comply. If the shares are not handed over, TeliaSonera has said it will demand USD1.8 billion in damages from Cukurova.