Turkey’s Çimsa acquires local cement rival

Turkey’s Sabanci Holding’s cement company, Çimsa, has acquired its local rival Sançim Bilecik Çimento, in a deal reportedly worth US$220.7 million.

According to a statement released by the Public Disclosure Platform (KAP), Çimsa signed the contract, allowing them to purchase 100% of Sançim Bilecik’s shares. The transfer price of the shares, a nominal value of TRY87.5 million, has been set at US$220.7 million.

Sançim was previously owned by Sönmez Holding (43%), Aunde Teknik (38%), ENA Tekstil (10%) and Umut Insaat (9%).

Sabanci Holding, which owns the cement firms Akçansa and Çimsa, has outlined its intentions for expansion by acquiring shares in other companies. The company plans to invest between US$467 – 700 million on such investments.

Edited from various sources by Katie Woodward

Read the article online at: https://www.worldcement.com/europe-cis/17072014/cimsa_acquires_turkish_cement_rival_182/