Advent may lodge complaint over Koc Holding

13 May 2003

US-based equity group Advent has said it is contemplating launching a legal appeal to reverse a decision by the Bulgarian authorities to scrap its landmark acquisition of a majority stake in the country’s national PTO Bulgarian Telecommunications Company (BTC). Advent is considering moves to block planned negotiations between the state and second-ranked bidder, the Turkish consortium Koc Holding, which was invited to enter talks for the protracted BTC sale on Monday. The Bulgarian Privatisation Agency rejected Advent’s EUR210 million offer last week citing legal inconsistencies.

Turkey