HeidelbergCement waits on Turkish decision

HeidelbergCement waits on Turkish decision
Published: 27 March 2006

HeidelbergCement is awaiting the results of a State Council decision to stop controversial move that denied its Turkish partner, Akcansa, the acquisition of a domestic cement company. In a tender held last year by the Savings Deposit Insurance Fund (TMSF), Turkish cement company Akcansa submitted the highest bid for the Ladik Cement factory. The Competition Board, which is responsible for maintaining a transparent and competitive business environment in Turkey, however refused to award the tender to the Turkish cement company and instead began procedures to transfer Ladik to the second-highest bidder. Yesterday the Council of State stopped the action, months after HeidelbergCement filed a complaint against the competition board’s decision.

HeidelbergCement executive board member Daniel Gauthier explained the company’s decision to file a suit against the decision. “We took it to court because we don’t believe the decision is just,” said Gauthier. “It’s a very important issue for us whether Turkey will show that it has a fair and speedy judicial system.”