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Turkey to Offer Istanbul Power Grid Again After Payment Failure

Turkey will reschedule the sale of an electricity distribution grid covering the European side of Istanbul after the companies winning an original auction failed to make downpayments.

The sale was canceled as three Turkish bidders -- Park Holding AS, Aksa Elektrik Perakende Satis AS and MMEKA Makina Ithalat Pazarlama AS -- didn’t pay after bidding as much as $3 billion, an official at the asset sales agency in Ankara said on the usual condition of anonymity. Park Holding, the third-highest bidder, didn’t make a payment by a deadline yesterday.

Turkey is seeking buyers for 20 regional electricity distribution networks to boost investment in the industry and help reduce debt.

Enerjisa, owned by Verbund AG of Austria and Haci Omer Sabanci Holding AS, said on Dec. 30 it won’t take up an offer to buy a grid on the Asian side of Istanbul after bidding $1.52 billion. The company cited the financial crisis in Europe as the reason. Two higher bidders also dropped out.

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