Akcansa and Cimsa seek acquisitions

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 acquisitions without any borrowing: “Should shareholders add some more financing, bigger acquisitions are also possible,” he said.

Cimsa is also waiting for the result of an auction where it is bidding to buy Turkish cement producer, Afyon Cimento Sanayi from Ciments Francais, a unit of Italcementi.