BBC News
watch One-Minute World News
Last Updated: Friday, 22 February 2008, 16:14 GMT
BAT buys Turkish cigarette firm
A turkish smoker

British American Tobacco (BAT), has won the auction for the Turkish state-owned cigarette company, Tekel.

UK-based BAT, which makes Dunhill and Lucky Strike, beat off competitors in a televised auction with the highest bid of $1.72bn (874m).

It is the third time that the Turkish government has tried to privatise Tekel having failed to attract sufficient bids at the previous two attempts.

Turkey is the world's eighth largest cigarette market.

About 38% of adults smoke, getting through approximately 110 billion cigarettes each year.

If it is cleared by Turkish authorities, the acquisition will take BAT's share of the market from 7% to 36%.



SEE ALSO
Turkey to have wide smoking ban
04 Jan 08 |  Europe
Tobacco firms eye up China's smokers
28 Jun 07 |  Asia-Pacific
Turkish tobacco sale abandoned
11 Nov 03 |  Business
Turkey reveals privatisation plans
13 Jan 03 |  Business

RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites



FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

PRODUCTS & SERVICES

Americas Africa Europe Middle East South Asia Asia Pacific