JP Morgan Offers 24.4 Million Shares In Turkcell

LONDON -(Dow Jones)- J.P. Morgan is offering 24.4 million shares in Eastern European wireless telecommunications operator Turkcell (TKC), traders said Friday.

The offering, via a one-day accelerated bookbuild, is valued around $170 million.

The Ihlas News Agency later reported a statement from Cukurova Investments, a major shareholder in Turkcell, saying it has decided to sell a 1.6% Turkcell stake to J.P. Morgan for a sale to international investors.

Cukurova's statement to the stock exchange said the shares to be sold aren't currently in circulation and the bank will sell them to other international investors in order to offset the short-term financial requirements of Cukurova.

Cukurova said the price of the shares will be determined by demand. After the deal, its Turkcell stake will be 42.14%, compared with 40.18% previously, the IHA report said.

It said Cukurova meantime wants to acquire a key 13.5% Turkcell stake owned by its former financial flagship, Yapi Kredi Bankasi AS (YKBNK.IS).

Nordic telecom company TeliaSonera AB (TLSN.SK) is aiming to obstruct such a move as Turkcell's second-biggest shareholder, with 37%. TeliaSonera claims Cukurova Holding is trying to push TeliaSonera's representatives off the board of directors.

-By Hugh Taggart, Dow Jones Newswires; +44-20-7842-9464; hugh.taggart@dowjones.com

(END) Dow Jones Newswires "

Posted to the site on 25th February 2005