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Turkcell Deadlock Set to Continue after Regulator Decision

By Sven Grundberg STOCKHOLM--The boardroom deadlock in Turkey's largest carrier Turkcell Iletisim Hizmetleri AS (TCELL.IS) is set to continue, major shareholder TeliaSonera AB (TLSN.SK) warned Monday, following a decision from Turkey's regulator not to evaluate proposed nominees to Turkcell's board, ahead of the company's extraordinary general meeting. Turkey's Capital Markets Board, the authority in charge of the securities markets in Turkey, on Friday said that it won't evaluate a list of independent nominees to Turkcell's board of directors, citing the lack of a board resolution regarding the list. Nor will the authority evaluate proposed changes to the Turkish telecom operator's articles of association. The decision comes ahead of Turkcell's EGM, due to be held on June 29, at which TeliaSonera had hoped to end the boardroom deadlock that has plagued Turkcell for a number of years. "Without an evaluation from Turkey's Capital Markets Board regarding these issues, there will nothing to decide upon at the EGM," said TeliaSonera spokeswoman Cecila Edstrom, adding: "If Turkcell's board can't reach a resolution regarding these issues ahead of the shareholders' meeting, the deadlock in Turkcell's board could continue." TeliaSonera has for several years struggled to gain control over Turkcell, in which it has a 38% stake. The ownership conflict in Turkcell began when TeliaSonera attempted and ultimately failed in 2005 to purchase the ownership stake held by Turkcell's founder, the controversial Turkish businessman Mehmet Karamehmet and his Cukurova conglomerate. Turkcell's board has six board members in addition to its chairman, who is able to block decisions. TeliaSonera wants the number of independent board members to increase. The Swedish carrier hopes that it will be able to replace Turkcell Chairman Colin Williams who, it says, isn't acting as an independent board member, and, together with Russia's Altimo, the telecommunications arm of Russian industrial conglomerate Alfa Group, wrestle control of Turkcell from Cukurova. At 0752 GMT shares in TeliaSonera traded 0.4% lower at SEK43.09. Write to Sven Grundberg at sven.grundberg@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 Eliminations -2-
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Sales
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Purchases
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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