Turkey's OYAK, an industrial venture representing the army pension fund, placed the highest bid of 2.77 billion dollars for a 46.12-percent stake in the country's biggest steel company, Erdemir. OYAK's bid exceeds the market value of Erdemir's shares slated for privatisation by 86 percent. Under Monday's quoting prices, Erdemir's entire asset was valued at 3.2 billion dollars and its 46.12-percent share at 1.4 billion dollars.

Under the bidding conditions, the winner is obliged to also buy a 3.17 percent share held by a public bank.

The OYAK bid needs to be approved by the Competition Board and the Privatisation Board before the sale can go ahead.

If the result of the tender is approved, OYAK will have the option to pay the total price at once, or pay 50 percent immediately and the remainder in equal installments in two years with a seven percent interest rate.

The tender took place as some 500 Erdemir workers and trade unionists gathered at a central park in Ankara, shouting anti-government slogans and pledging to oppose moves to privatise the institution.