Limak plans EUR1bn Africa spending spree

Turkey's Limak Cement is currently in talks to acquire African cement operations to the value of EUR1bn, according to senior executive quoted by Reuters. While there was no certainty that the deal would go ahead, the Turkish cement producer has reportedly signed a confidentiality agreement relating to the acquisition from an international cement company.

"A global cement firm is considering selling its facilities in three African countries... We are seriously interested and have signed a confidentiality agreement," Limak Cement Group General Coordinator, Gültekin Aksüyek, said. "I think we will know in five to six months."

The step follows the construction of cement grinding and packing facilities in Mozambique and Côte d’Ivoire. Both projects are part of the group’s broader expansion plans and are expected to come online in 2016-17.