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| | | May 13 - Bidders have cited "confusion" as the reason that a bid to privatize the country's national lottery has failed.
A relatively long procurement process has been taking place in order to get the Turkish lottery, Milli Piyango, privatized. Several top names in the industry vied for the right to run the lottery, including the Italian Gruppo Lottomatica and the Dogan Group.
However, since the Turkish lottery was put 'on the market', the process has been plagued by problems.
Last month, Gruppo Lottomatica and the Dogan Group, which had submitted a joint bid, withdrew their offer.
Last week, it was announced that the two final bidders, the Greek giant OPAP and Turkcell failed to meet the minimum asking price, set by the government at $1.622 billion.
The Chief Executive Officer of OPAP, Christos Hadjiemmanuil said: "We had expected a different procedure. There was a procedure of two stages with closed bids on camera. In between the two rounds, Turkey announced its own amount of $1.622 billion. There was a confusion. It is obvious that the amount is excessive and unrealistic and we are not willing to hit it."
At one point, after Turkcell made the first withdrawal, it seemed that OPAP was the default winner, however the company made its plans clear after it was revealed that the price asked for the Turkish lottery well exceeded its annual revenues.
The Turkish government's statement on the issue read: "After the Tender Commission announced a minimum price, the participants said their bids submitted in closed envelopes remained valid and did not raise the bids. The Tender Commission has decided, therefore, to cancel the tender."
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| | 5/13/2009 12:54:38 AM |
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