Bloomberg News

Turkey Gets Bids of $922 Million for State Sugar Factories

November 30, 2011

(Updates with second sale in first and second paragraphs.)

Nov. 29 (Bloomberg) -- Turkey got winning bids of $922 million in an auction of sugar factories in the center and east of the country.

Ak-Can Seker Sanayi & Ticaret AS placed the highest bid of $656 million in an auction of six factories in central Turkey, beating five other bidders, said Sami Olmeztoprak, who conducted the sale at the government’s asset sales agency in Ankara today.

A partnership between Limak Holding AS and Kolin Insaat AS bid $265.5 million for four plants in the east in the second auction of the day and raised their offer to $266 million in final talks with the agency.

Initial instalments are likely to be paid next year, when the government is seeking $5.7 billion in revenue from asset sales. The price for the central plants was more than the $606 million Ak-Can offered as the winning bid in a 2009 auction of the same assets that was later canceled by the courts.

Ak-Can plans to pay at least 15 percent of the price up front and the remainder in six instalments, Abdulkerim Demircan, a representative of the group, said after the auction.

--Editors: Ben Holland, Digby Lidstone.

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

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net


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