Turkcell dispute nears end

July 28, 2014 08.52 Europe/London By Chris Dziadul

The battle for control of Turkcell appears to be almost over, with the two shareholders – Turkey’s Çukurova Holding and Russia’s Alfa – finally reaching an agreement in a long-running legal dispute.

As a result, says the UK’s Privy Council, a hearing scheduled for this Wednesday (July 30) will no longer take place.

According to the FT, Alfa says the final deadline for the redemption is now August 1, with the most likely lender of the $1.5 billion required by Çukurova Holding being the state-controlled Ziraat Bank.

In recent weeks, Yildiz Holding, which has mostly interests in the food business, was expected to provide the funding.

However, its attempts to do so failed earlier this month. Turkcell is the leading mobile operator in Turkey and also has interests in the country’s TV industry.