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Turkcell EGM to Be Postponed Amid Shareholders' Disagreement

By Sven Grundberg STOCKHOLM--Swedish telecommunications company TeliaSonera AB (TLSN.SK) said Tuesday the extraordinary general meeting of its affiliate Turkcell Iletisim Hizmetleri AS (TKC) has been postponed. TeliaSonera spokeswoman Ceclilia Edstrom said the postponement was caused by a disagreement between shareholders Altimo, the telecommunications arm of Russian industrial conglomerate Alfa Group, and Cukurova, the conglomerate controlled by controversial Turkish businessman Mehmet Karamehmet. The EGM had been scheduled for June 29. Ms. Edstrom added the disagreement relates to who is going to represent ‚ÄčTurkcell Holding A.S.--Turkcell's single largest shareholder, which is jointly owned by TeliaSonera, Altimo and Cukurova--at the meeting. TeliaSonera has for several years struggled to gain control over Turkcell, in which it has a 38% stake both directly through holding shares on the Turkish stock market and indirectly through its ownership in Turkcell Holding. The ownership conflict in Turkcell began when TeliaSonera attempted and 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 has the authority to block decisions. TeliaSonera wants to increase number of independent board members. 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 wrestle control of Turkcell from Cukurova together with Altimo. 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 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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