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Hutchison delighted with Turkish concession

Hutchison delighted with Turkish concession

Hong Kong: Hutchison Ports Holdings and Turkey's Global Yatirim Holding AS bid a whopping US$1.28 billion to win a contract to run a port in the west Turkish city of Izmir that handles more than one-fifth of the country's maritime trade.

Hutchison, Global and Turkish exporters' group Ege Ihracatci Birlikleri beat out Celebi Holding AS, which services airports in Turkey, to win a government auction in the capital Ankara today. Babcock & Brown Ltd. and Singapore's PSA International Pte withdrew earlier in the bidding.

The winner will have the right to operate the port for 49 years, said Hasan Koktas of Turkey's government asset sales agency, who chaired the auction.  [04/05/07]