Turkish state-run Petkim invites privatisation bids

16 March 2007 12:06  [Source: ICIS news]

LONDON (ICIS news)--State-run Turkish petrochemicals producer Petkim has invited companies to bid for a majority stake to revive its privatisation, a company spokesman said on Friday.

 

Turkey’s privatisation board set 15 June as a deadline, hoping to attract bids from a sufficient amount of companies to restart the process.

 

The Turkish government sold 35% of Petkim’s shares in April 2005 for $270m (€203m) via a public offering on the Istanbul Stock Exchange.

 

The sale was dogged with problems including an earthquake which damaged some of the company’s facilities and the failure in 2003 of potential suitor Standart Kimya to come up with the required cash.

 

In September 2006 the company employed Ak Investment Securities and Raiffeisen INV to act as main consultants on the divestment of the government’s 54.8% stake.

 

Based in Izmir, Petkim employs around 4000 people, and makes a range of polyolefins, aromatics, chloralkali, purified terephthalic acid (PTA) and phthalic anhydride (PA) at its plants in Aliaga and Yarimka.

 

($1 = €0.76)

By: Mark Watts
+44 20 8652 3214

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