Qatar has made a takeover approach to the majority owner of Oger Telecom, which owns a controlling stake in Turk Telecom, Reuters reports citing sources familiar with the matter. Qatar has directly approached Saudi Oger, owned by the family of late Lebanese prime minister Rafik Al-Hariri, for its approximately 55 percent stake, the sources said. By acquiring the Oger Telecom stake, Qatar would also get Turk Telecom and its mobile unit Avea as well as South African operator Cell C in which Oger holds a 75 percent stake. Putting a price on the entire deal is difficult because Cell C, South Africa's third largest operator, is unlisted but the Turk Telecom stake alone would be worth at least USD 8.6 billion according to Reuters data. Any deal could be complicated by Saudi Telecom Company (STC), which has a 35 percent stake in Oger Telecom and first refusal should the stake come up for sale, up to a certain price. The source said the deal is a complicated one but the Qataris have shown their interest by going to the family straight. Mandates for the transaction went out in the second half of 2010, the sources said, adding completing a deal would take time given the complexity of the ownership and transaction structure. Saudi Oger said in a statement that it was not considering any takeover offers at the moment. The company said it "remains highly committed" to its investment in Oger Telecom and all its operating subsidiaries.
