Turkcell moves to dilute TeliaSonera stake

2 Sep 2003

Shareholders of Turkcell have moved to dilute TeliaSonera’s ownership of the company by calling an Extraordinary General Meeting for 30 October. Turkish shareholders are reportedly accusing TeliaSonera, which owns 37.3% of the company, of obstructing key decisions and failing to understand the Turkish market. As it stands Turkcell’s seven member board includes three TeliaSonera representatives, giving the Finns have an effective veto thanks to a requirement of a minimum of five votes to pass resolutions.

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