Russia’s Alfa ‘has right to buy Turkcell stake after Çukurova deadline passes’

ISTANBUL - Reuters

Turkish holding company Çukurova did not declare an intent to buy a 13.22 percent stake in Turkcell from Russia’s Alfa Telecom by a Nov. 18 court deadline, a source close to the matter told Reuters on Nov. 21. 

“No declaration was made by the Friday (deadline). Now in line with the court decision, the option of buying has moved to Alfa,” the source said. 

The source said that under the London court decision, announced in August, Alfa now has the right to buy Çukurova’s indirect 13.76 percent stake in Turkcell by a deadline of Nov. 28. 

Meanwhile, Russian bank VTB said early November it had reached an agreement with Alfa Group about a joint investment in Turkcell.

The announcement came ahead of the deadline for Russian billionaire Mikhail Fridman and Turkcell’s founder Mehmet Emin Karamehmet to resolve a dispute over control of the Turkish company.

Alfa, part of Fridman’s business empire, has been locked in a tussle over Turkcell that stretches back almost a decade with equity partner Çukurova, which is run by Karamehmet.

In July, a London tribunal dismissed claims against Fridman and required Çukurova to choose within 60 days either to buy Fridman’s shares in Turkcell for $2.7 billion or sell its own stake to Fridman for $2.8 billion.

In September, the tribunal pushed backed the deadline to 60 days from Sept. 19.