Eight international and local groups and consortia submitted bids on 25 June 2007 and an auction was held on 5 July in Ankara to determine the most competitive buyer.

Following several rounds of price increases, the winner is Turcas-Socar-Injaz, a Turkish, Azeri and Middle Eastern consortium . The figure is 42% more than the actual market capitalisation of Petkim which the day before the auction was around USD 1.4 bn.

A 51% majority stake was sold through the tender and 38.7% of Petkim’s shares trade on the Istanbul Stock Exchange, leaving 10.3 % owned by the Privatisation Administration, that could be sold at a later date.

Raiffeisen Investment’s local partner in this transaction was AK Yatirim.