Turkish cement firms eye assets after Holcim-Lafarge merger

miércoles 16 de abril de 2014 03:51 GYT
 

* Holcim-Lafarge expected to sell 5 bln euros of assets

* Turkey's Oyak, Limak and Sabanci interested in deals

By Ebru Tuncay

ISTANBUL, April 16 (Reuters) - Turkish cement makers are interested in acquisition opportunities that could arise from the merger of Holcim of Switzerland and France's Lafarge to create the world's biggest cement maker.

Holcim said last week it would buy Lafarge, creating a giant with combined annual sales of $44 billion. The two firms, which operate in 90 countries, expect to have to sell 5 billion euros ($6.9 billion) of assets to win over competition regulations.

Cement companies have already started buying some of these assets, including Colombia's largest cement maker, Argos , which said it will pay 50 million euros for a French Guiana company owned by Lafarge and Holcim.

Competition laws in Turkey, the world's 5th biggest cement producer, don't allow firms to achieve a market share of more than 25 percent, encouraging Turkish companies to look for growth opportunities abroad.

Turkey's army pension fund Oyak said it had started talks with international investment banks for possible acquisitions, and had $3 billion in cash allocated for opportunities arising from the merger.

Oyak owns five listed cement companies, namely Adana Cimento , Mardin Cimento, Bolu Cimento, Unye Cimento and Aslan Cimento.   Continuación...