Following the announcement that Ciments Français plans to sell its shareholding in the Turkish cement company, Afyon Çimento Sanayii Turk A.S., a share purchase agreement has been executed. The agreement, which has been reached with CIMSA, involves the sale of 51% of the share capital, a total nominal value of TL1 530 000. The purchase price stands at TL57 530 000 (approximately €25 million).
The transfer will take place once approval from the Competition Board has been obtained. The sale marks the end of Ciments Français’ role as a cement producer in Turkey.
The deal relates to all the activities of concrete admixtures and cement grinding aids in Italy, France, USA, Canada, Morocco and Spain with sales of around 61 million euro (CHF75 million) in 2010.
Ciments Français is to sell Set group Holding and its subsidiaries to Limak Holding for a total amount of €290 million. The transaction is expected to be completed during the second quarter of 2011.