Afyon Cimento Sanayi TAS, a Turkish cement maker owned by Italcementi SpA’s Ciments Francais, headed for the biggest gain in almost three months after a rival Turkish cement maker bid for a 51% stake.
Ayfon shares surged 9.8% to TRY112 (US$60.8) at 10:05 a.m. in Istanbul.
Cimsa Cimento Sanayi & Ticaret AS made a bid for 51% of Afyon, Cimsa said in a statement to the exchange on Nov. 18 after the market closed. Cimsa shares gained 0.3% to TRY7.98.
Ciments Français hired Mediobanca SpA as financial adviser for the possible sale of its entire stake in Afyon, it said on June 28.