TeliaSonera ‘wins’ first round of Turkcell fight

3 Nov 2003

Nordic powerhouse TeliaSonera has, for the time being at least, successfully derailed plans by the Cukurova Group – its partner in Turkish cellular operator Turkcell – to strip it of its boardroom veto and thus gain full spending control at Turkcell to make new acquisitions. TeliaSonera thwarted Cukorova’s plans to hold an EGM by using Turkcell’s complicated ownership structure to convince the government that there was no quorum. The move maintains the Nordic company’s veto status for now, and crucially scuppers Cukorova’s ambitions to acquire its financially troubled affiliate Digiturk.

Turkey