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Turkcell Board Won't Vote On Board Changes - Source

ISTANBUL -(Dow Jones)- The board of Turkcell Iletisim Hizmetleri AS (TCELL.IS), Turkey's largest mobile operator, won't vote on proposed changes to the company's board, including removing the incumbent chairman, in an extraordinary general meeting Wednesday, a person close to the negotiations told Dow Jones Newswires. Turkcell shareholders Altimo, a Moscow-based unit of Russia's Alfa Group, and Swedish telecommunications firm TeliaSonera AB (TLSN.SK) had proposed removing Chairman Colin Williams and increasing the number of independent board members in an effort to wrest control from Mehmet Karamehmet's Cukurova Holding. The extraordinary meeting began at 1200 GMT, but one day before, Turkey's regulator appeared to intervene, changing the rules to say big Turkish companies should now have two independent board members or a third of the total board, a move that analysts said could favor Cukurova. Altimo and TeliaSonera have repeatedly claimed that Williams's favoritism had helped to block the firm's expansion into foreign markets and was hampering growth prospects, claims that he denied. They petitioned to replace Williams and add two more independent members to the board, diluting Karamehmet's influence. The battle for boardroom control of one of Turkey's most valuable and respected companies has been watched closely by investors as a test case for Turkish corporate governance. -By Joe Parkinson, Dow Jones Newswires, +905306130065; joe.parkinson@dowjones.com

Stock News for Turkcell Ilet (TKC)
DateTimeHeadline
04/23/201402:40:07TeliaSonera 1st Quarter Revenue, Profit Decline
04/23/201402:25:12TeliaSonera First-Quarter Revenue, Profit Decline
02/05/201409:52:08Turkcell Shareholder Cukurova Gets Extension on Payment to Alfa...
01/02/201409:04:15Turkcell Says Faces TRY527.7 Million Tax Demand and Fine
11/15/201309:01:37HBK Investments LP 3Q 13F: Largest Eliminations
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Purchases
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Sales
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Eliminations -2-
08/16/201306:53:36Turkish Regulators Move to End Turkcell Quagmire
07/29/201311:55:22UK Court Grants Turkcell's Stakeholder Cukurova Extension to...
07/16/201309:02:12Turkcell Holder Cukurova Seeks Extension For $1.56 Billion Alfa...
07/16/201306:15:09Turkey's Regulator to Appoint Two Board Members to Turkcell
07/09/201310:13:11TeliaSonera Welcomes UK Court Decision on Turkcell
07/09/201306:09:58Turkcell Majority Stake to Cost Cukurova $1.56 Billion, UK Court...
06/24/201306:24:16TeliaSonera: Regrets Turkcell's Failed AGM
05/29/201311:36:08Turkcell To Hold Postponed Annual General Meeting on June 24
05/14/201306:56:13Turkcell Seeks Board Approval to Distribute At Least 50% of Profit...
04/17/201305:16:38Turkcell to Hold General Assembly on May 22
03/12/201306:04:12Turkey's Regulator Appoints Three Independent Board Members to...
03/04/201305:54:11SUBSCRIBERS: Please Disregard Headline on Turkcell Majority Stakeholders

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