The spat between three of Turkcell's (NYSE:TKC) major shareholders was ridiculous one and a half years ago and it hasn't gotten any better since then. With a recent U.K. ruling reinstating TeliaSonera's (OTCPK:TLSNY) nearly $1 billion claim against Cukurova and the $1.6 billion payment from Cukurova to Alfa/Altimo still pending, it seems unlikely that tomorrow's annual meeting will go forward, meaning that the wait for clarity on dividends and the shareholder structure drags on.
If there's a bright side to the story it is that Turkcell is operating relatively well in its core Turkish mobile operations. Fierce competition with Vodafone (NASDAQ:VOD) and Avea is still very much a threat, but...
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