CRH to sell Turkish joint venture

CRH and its Turkish partner, Eren Holding AS, have hired JPMorgan Chase & Co to help sell their cement joint venture in Turkey, according to reports in the Irish Times.

Sources familiar with the matter say that three potential bidders are among those shortlisted and the sale process for Denizli Cimento Sanayaii TAS could be finalised as early as October. Companies including Sabanci Holdings, Limak Holding AS and Oyak are reportedly interested in the unit in which CRH holds a 50 per cent stake and Eren Holding the remainder.

Denizli Cimento operates an integrated works in Kaklik with 1.8Mta and 2.5Mta of clinker and cement capacity, respectively.