Cement News tagged under: Turkey

RSS feed

Sibirsky to pay out EUR4m on failed Set deal, Russia

15 March 2012, Published under Cement News

Sibirsky Cement has paid out over EUR4m to the London branch of Netherlands-based ING Bank NV regarding a failed deal between the Russian producer and Italcementi for Turkish assets, according to local press reports. In 2008, Sibirsky concluded an agreement with ING Bank to organize the purchase financing of the Italcementi Set Group of Turkey which is a subisidiary of Ciments Francais (which, in turn is a unit of Italcementi). The deal was not completed and the bank demanded compensation...

Turkish cement forecast to rise five per cent

07 March 2012, Published under Cement News

The Turkish Cement Manufacturers Association (TCMB) forecasts that consumption could rise five per cent in 2012. Mustafa Guclu of the TCMB said domestic sales could reach 58.5Mt compared to 55.7Mt last year. Members of the association produced nearly 52.2Mt of that volume. Domestic cement sales were said to have risen 11 per cent last year over the 50Mt recorded in 2010.

Italcementi exits Turkish cement market

16 February 2012, Published under Cement News

Ciments Français (part of the Italcementi Group) and its wholly-owned subsidiary Parcib, have signed a deal with Cimsa for the sale of 51 per cent of the capital of Afyon for TRY1,530,000. The overall value of the sale has been fixed at TRY57,530,000, a memo explains. Transfer of the shares to Cimsa and the payment for them will take place when the deal is completed, once the necessary authorisation has been obtained from the monopoly watchdog. The final price could then be subject ...

Akcansa and Cimsa seek acquisitions

08 February 2012, Published under Cement News

Two of Turkey’s leading cement producers, Akcansa Cimento and Cimsa, plan two separate overseas acquisitions this year, Bloomberg reports. According to Mehmet Gocmen, Head of Haci Omer Sabanci Holding – which has a stake in both producers – said the companies are looking at purchases in Turkey’s geographical region. The targets could be base in central and southern Europe to the Caucasus and Middle East, he said. Mr Gocem noted that both Akcansa and Cimsa have sufficient equity to make the...

Afyon Cimento sale expected in February – source

31 January 2012, Published under Cement News

The sale of Turkish cement producer Afyon Cimento is expected to be completed in February and 3-4 binding offers have been received, a source close to the matter disclosed to Reuters. Ciments Francais, a unit of Italcementi, said last May it may sell its 51 per cent stake in Afyon Cimento either through a block sale to a strategic investor or a public offering.

Ciments Francais seeks to keep Sibstem advance payment

13 January 2012, Published under Cement News

Ciments Francais said it wants to keep a EUR50m advanced payment by SibCement for Turkish cement assets which the latter did not acquire, according to local press reports. Ciments Francaise filed a suite with the Supreme Arbitration Court on 20 December to recognise a ruling by the Istanbul Arbitration Court made on 7 December 2010. Under the ruling, the French company did not have to repay the advance payment to SibCement. In March 2008, Sibtsement announced that it would acquire Turk...