British American Tobacco (BAT) has won its auction bid to buy Tekel – the Turkish cigarette company.
BAT’s bid of £874 million ($1.72 billion) became the highest offer at the televised auction and, if accepted by Turkey’s Competition Board and the Turkish Privatisation High Council, the purchase will significantly advance the company’s market share.
“This investment, coupled with the country’s rapid economic growth, will transform our position in the world’s eighth largest cigarette market,” said Paul Adams, chief executive of British American Tobacco.
