Fridman’s Alfa, Cukurova Get Split Decision on Turkcell

Cukurova Holding AS may be able to recover a 13.7 percent stake in Turkcell Iletisim Hizmetleri AS from Mikhail Fridman’s Alfa Group after a U.K. court ruling that gave both companies room to declare victory.

Alfa Group acted legally when it decided to seize the stake in Turkey’s biggest mobile-phone operator in a dispute over $1.35 billion in unpaid debt, but Cukurova will be given an opportunity to buy back the stake, the U.K. Privy Council in London, a final appeal court for some British Commonwealth countries, said in a summary of its ruling today.