Turkey's Sabanci Holding receives $1.1 bil binding offer for stake in Akcansa Cement

Turkish conglomerate Sabanci Holding said in a regulatory filing Jan. 28 that it has received a $1.1 billion binding offer to purchase its 39.72% stake in Akcansa Cement.

"A binding offer has been received from an unrelated third party for the purchase of our company's shares in Akcansa Cement, representing 39.72% of Akcansa's share capital, based on a total company value of $1.1 billion on a cash-free and debt-free basis," it said without citing the bidder's name.

The offer shall remain valid until the execution of the final share transfer agreement and the binding offer will be evaluated by considering Sabanci Holding's contractual obligations and legal requirements, the company said.

Following Sabanci's announcement on the Public Disclosure Platform early Jan. 28, Akcansa Cement shares opened the day up 10% at Lira 202.50 ($4.65).

The company's shares, which continue to trade on Borsa Istanbul's Star Market, are 39.72% owned by Haci Omer Sabanci Holding, 39.72% by Heidelberg Materials and the remaining 20.56% are publicly traded.

Akcansa produces cement and clinker at its three integrated cement plants in Istanbul, Canakkale and Samsun provinces with a total cement production capacity of 9 million metric tons/year and clinker production capacity of 7 million mt/year.

Akcansa's total domestic cement and clinker sales increased 1.1% year over year to 4.84 million mt in 2024, while export sales rose 4.7% to 2.49 million mt. The company's total cement and clinker sales thus increased by 2.3% to 7.3 million mt in 2024, according to its financial report.

The company's 2025 annual report is expected to be announced in February.

Platts, part of S&P Global Energy, assessed CEMDEX Turkey prices at $53.50/metric ton FOB Jan. 22, down 50 cents/mt week over week.