Turkish company wins tender for national steelmaker
Turkey's OYAK, an industrial venture representing the army pension fund, placed the highest bid of 2.77 billion dollars (2.32 billion euros) for a 46.12-percent stake in the country's biggest steel company, Erdemir.
OYAK was one of six bidders, including the world's top steelmaker, Mittal, based in the Netherlands, and the second-largest, the Luxembourg-based Arcelor, in the televised auction for the privatisation of Erdemir, a key asset in the government's ambitious privatisation programme.
Mittal was eliminated after submitting the lowest offer in the second round of written bids, while Arcelor withdrew in the first round of the subsequent auction.
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