Shell wins Tupras-tender
Monday, September 12, 2005, 17:23
Shell Plc, Europe's second- largest oil company, and its Turkish partner Koc Holding AS offered the highest bid of $4.1 billion for Turkish oil refiner Tupras Turkiye Petrol Rafinerileri AS. The offer is almost twice as much as Tupras's market value of $2.3 billion. Shell and Koc beat eight other bidders, including Eni SpA, for the 51% Tupras stake. The top offer was expected to
be about $2.6 billion, according to a Bloomberg survey of 14 analysts. The sale will be completed after political approval of the top bid.