Oyak eyes Europe, Africa acquisitions

Turkey-based Oyak is looking into acquisitions in the cement sector, with a specific focus on Europe, Africa and Great Britain, its cement group chairman Celalettin Caglar said on Thursday.

Speaking to Reuters, Caglar said that the group is also interested in acquisition opportunities that could arise through the Lafarge and Holcim merger as the groups look to divest in assets to appease potential concerns by antitrust regulators. The company’s said on Monday that two-thirds of divestments would be in Western Europe, but the groups also have also overlapping operations in India, China, Canada and Brazil.

Oyak, the armed forces pension fund, has five cement subsidiaries under its wing in Turkey: Adana Cimento, Bolu Cimento, Mardin Cimento, Unye Cimento, and Aslan Cimento.