TeliaSonera Hopes To End Turkcell Boardroom Deadlock In June

Date : 06/01/2012 @ 5:56AM
Source : Dow Jones News
Stock : Turkcell Iletisim Hizmetleri As (TKC)
Quote : 9.55  -0.02 (-0.21%) @ 3:59PM

TeliaSonera Hopes To End Turkcell Boardroom Deadlock In June

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Swedish telecom operator TeliaSonera AB (TLSN.SK) said Friday it hopes to resolve boardroom deadlock in its affiliate Turkcell Iletisim Hizmetleri AS (TCELL.IS) at the Turkish carrier's annual general meeting in late June.

In a statement on Friday, Turkcell said it will hold its annual general meeting on June 29.

"At the AGM we anticipate that Turkcell will decide to increase the number of independent board members, which would resolve the current boardroom deadlock," TeliaSonera spokeswoman Cecilia Edstrom said.

TeliaSonera has for several years struggled to gain control over Turkcell, Turkey's largest carrier, 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.

-By Sven Grundberg, Dow Jones Newswires; +46-8-5451-3098; sven.grundberg@dowjones.com; Twitter: @svengrundberg

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