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Turkey could exceed $10.4 billion privatization target
Speaking to the Anatolia news agency on Wednesday, Aksu predicted that 2010 would be a “historic year for privatizations” and outlined possible steps to be taken for the privatization of the state's operations in the energy sector, particularly in electricity distribution. According to Aksu, tenders for electricity distribution companies serving four regions (Çamlıbel, Fırat, Uludağ and Vangölü) will take place in February, with tenders for three other regions to take place in June.
He added that his administration plans to begin work on the privatization of state-owned power plants in the first quarter of 2010, pending approval from the Energy and Natural Resources Ministry.
Aksu noted that tenders for the privatization of electricity distribution companies in Çoruh, Osmangazi and Yeşilırmak were completed last year and are now in the approval and contract-signing phases. Control of these distribution channels will be transferred to their new owners after the deal is approved by the Competition Board and the Energy Market Regulatory Agency (EPDK).
Deloitte: Energy, privatization to shape M&A in 2010 Merger and acquisition (M&A) activity in Turkey will largely be affected by privatization and other deals in the energy market this year, according to a report by Deloitte Turkey. In a written statement released on Wednesday, Deloitte Turkey discussed its most recent M&A report, which covers last year and contains projections for 2010. The report said M&A activity declined in 2009 in terms of both numbers and volume. Last year, 102 deals were completed with a total value of $5.8 billion, which corresponds to a 40 percent drop in terms of the number of deals and a 64 percent decrease in terms of volume. In addition, half of last year’s M&A by volume was conducted in the last quarter due to privatization auctions completed earlier in the year. The share of foreign investors in total transactions declined over the previous year to 38 percent. Deals were heavily focused on the energy, information, food and manufacturing sectors. Deloitte believes the most uneventful period in M&A activity seems to have ended with the onset of a promising year. Recovery, however, will be gradual, with a special weight on transactions in the energy sector, the statement said. İstanbul Today’s Zaman |
Regarding the Council of State’s decision to freeze the privatization of the electricity distribution company in Aras, Aksu said the administration has already submitted its appeal for the decision to be overturned and, subject to the outcome of this appeal, will either continue the sale or launch another tender.
As regards power plants, however, Aksu said privatization requires approval from the Energy Ministry. Privatization will begin with thermal power plants; some will be auctioned individually while smaller plants will be grouped regionally. The administration is considering an initial public offering (IPO) for several larger plants, he noted. “A certain percentage of these companies may be offered to the public, and the remaining part may be privatized by block sale. Energy generation is a very wide portfolio. It may be subject to all types of privatization methods and may address all kinds of investors,” Aksu added.
Aksu also stated that the administration may release a tender notice for Ankara’s natural gas distribution company, Başkent Doğalgaz, later this month or in mid-February.
The administration wants to complete the sale of a number of state-owned enterprises in 2010. The deadline for final bids on portfolio B of the Turkish Sugar Refineries Corporation (TÜRKŞEKER) is Jan. 21, Aksu said, adding that the deadline for this and other TÜRKŞEKER tenders will not be postponed.
Additionally, Aksu said the privatization of bridges and highways will commence immediately after the relevant bill passes in Parliament within a few months. “If the Supreme Privatization Board [ÖYK] doesn’t issue a negative decision, we are planning to start the process for bridges and highways in the first quarter,” he said.
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