If Turkish firm Cukurova declines to buy a 13 per cent stake in Turkcell held by Alfa then the Russian firm has the right to buy out its rival.
The long-running dispute over the ownership of the Turkish operator is nearing a climax, as a crucial deadline passed last Friday.
According to Reuters, quoting sources, Cukurova did not declare its intent to buy the 13 per cent stake in Turkcell held by Alfa. The stake is valued at $2.7 billion. It had a court-mandated deadline of 18 November.
This means Alfa has the right to buy Cukurova’s indirect stake of 14 per cent for $2.8 billion, which might finally end the long-running dispute.
Alfa and Russian financial firm VTB earlier this month struck an agreement to jointly invest in Turkcell.
Alfa, controlled by Russian billionaire Mikhail Fridman, has been involved in an ownership tussle for the company with Turkcell founder Mehmet Karamehmet’s equity partner Cukurova for over a decade.