Bloomberg News

Turkey to Invite Third-Placed Bidder for Istanbul Grid Sale

November 01, 2011

Oct. 31 (Bloomberg) -- Turkey’s asset sales agency said it will invite Park Holding AS to discuss buying the power grid on the European side of Istanbul after the second-placed bidder didn’t deposit collateral in time.

Aksa Elektrik Perakende Satis AS didn’t post the money required to secure the right to buy, the agency said in an e- mailed statement from Ankara today. Aksa bid $2.75 billion for the network in an auction in August last year. Park’s offer was $2.5 billion in the auction.

Ic Ictas made its payment against a full price of $575 million for the northwestern grid in Thrace and that sale will proceed, the agency said today.

To contact the reporter on this story: Ali Berat Meric in Ankara at americ@bloomberg.net

To contact the editor responsible for this story: Steve Bryant at sbryant5@bloomberg.net


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