Turkey: CRH and Eren Holdings plan sale of JV

CRH and its Turkish partner Eren Holdings have applied to Turkey's competition regulator to sell their joint venture, Denizli Cimento, to army pension fund OYAK Group, according to a statement on the watchdog's website.

Irish building materials major CRH and Istanbul-based Eren each hold a 50 per cent stake in Denizli.  No price was given for the disposal.

CRH has embarked on a disposal plan under new chief executive Albert Manifold and plans to sell at least 10 per cent of its net assets, or between EUR1.5bn and EUR2bn worth.