Limak, Sabanci interested in Elazig

Limak, Sabanci interested in Elazig
Published: 24 April 2006

According to the daily Dunya, Limak Group, Sabanci Group are interested in Oyak’s Elazig cement plant. This week, Oyak Group announced that it decided to sell the plant and informed 25 domestic and international investors regarding its decision. Oyak did not disclose the names of these investors. Oyak Group holds a 70 per cent stake in Elazig cement plant and Gama owns the remaining 30 per cent. Nihat Ozdemir, chairman of Limak, said that they were interested in the plant however they had some concerns that competition rules may prevent this acquisition. As recalled, Limak bought Ergani and Gaziantep cement plants from the SDIF (Saving Deposit Insurance Fund), however the competition board did not approve the sale of Van cement plant to Limak, citing compettion rules even though Limak submitted the best bid of USD 54mn. Ozdemir further noted that Oyak did not mention any price. 
 
Yilmaz Kulcu, general manager of Sabanci Group’s cement company Cimsa Cimento, said that Oyak also informed the company about the sale of Elazig cement plant and they were evaluating the offer. According to Dunya, Germany’s Heidelberg and Cimentas, owned by Italy’s Cimentir , are also interested in Elazig cement plant.