Updated: 02/23/2013 01:00 | By Agence France-Presse

Turkey cancels $5.7 bn road and bridges tender

Turkey decided to cancel the giant $5.7 billion roads and bridges privatisation tender, which would have been the second largest in its history, Finance Minister Mehmet Simsek said Friday.


Turkey's privatisation agency concluded that the winning bid placed by a consortium of Turkish Koc Holding, Malaysia's UEM Group Berhad and Gozde Private Equity was too low, he said in a statement.

The text however did not specify whether a new tender would be launched.

The consortium had won the tender with a bid of $5.72 billion (4.3 bln euros) in December to operate the roads and bridges, including several highways as well as the Bosphorus and Fatih Sultan Mehmet bridges connecting Europe and Asia, for 25 years.

It would have been the second most expensive privatisation in Turkey, after that of Turk Telekom in 2005 when 55 percent of the company was bought for $6.55 billion.

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