TWO COMPANIES PULL OUT OF TURKISH LOTTERY TENDER (Update)

10 April 2009

Bidding for the national lottery privatisation contract just got less competitive

 

According to a Turkish Press report the bidding for the Turkish lottery privatisation contract is now less competitive following the withdrawal of local group Dogan Holding and its Italian partner Lottomatica. Both companies had already met the government's preliminary requirements for bidders.

Dogan advised the stock exchange that it's withdrawal was due to adverse market conditions, but little more is known beyond that.

In a separate statement, Lottomatica, one of the world's largest commercial lottery operators and a market leader in the Italian gaming industry, announced that it has exited the Turkish process and that it had terminated the memorandum of understanding signed earlier with Dogan Holding to participate in the tender.

The much delayed privatisation process for Turkey's state-owned national lottery is expected to begin in August after enactment of a bill on financial control.

Along with several foreign companies, Koc Group, Cukurova Group and Is Yatirim are among the Turkish companies competing in the tender process for management of the lottery, which generates an annual turnover of US$ 683 million and US$ 189 million in net profits.            

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