Supply chain disruptions are back at 2022 levels – Statista
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Heidelberg Materials acquires Turkish partner Sabanci’s 40% stake in cement maker Akcansa for $437mn
Heidelberg Materials (Frankfurt/HEI) has agreed to acquire a 39.72% stake in Akcansa (AKCNS) from Turkish partner Sabanci Holding (SAHOL), Heidelberg has announced.
SAHOL, meanwhile, said separately that HEI, its partner in AKCNS, has exercised its right of first refusal.
In January, SAHOL previously said that it received an offer for its AKCNS stake from a third party, which valued the enterprise at $1.1bn.
On April 17, HEI informed SAHOL that it had decided to exercise its right based on the conditions set in the January agreement, suggesting that it will pay $437mn to SAHOL for the stake.
Tender offer obligation
When the deal is completed, HEI’s stake will increase from the current 39.72% to 79.44%. The remaining 21% is listed on Borsa Istanbul.
Since its share will surpass the 50% threshold, suggesting a change in the company management, HEI will be obliged to hold a mandatory tender offer for the listed 21% stake in AKCNS.
AKCNS operates three cement plants, 26 ready-mixed concrete plants, five aggregate quarries and five cement terminals across five seaports in Turkey's Marmara, Aegean and Black Sea regions.
HEI is a manufacturer of heavy building materials with leading market positions in cement, aggregates and ready-mixed concrete. It employs 49,000 personnel in almost 50 countries.
SAHOL has another cement unit, namely Cimsa (CIMSA). It will keep Cimsa in its portfolio.
Carrefoursa exit
Separately, SAHOL will also exit retailer Carrefoursa (CRFSA).
On April 17, CRFSA said that Yeni Magazacilik, the operator of the A101 retail chain, hade agreed to acquire a 89.28% stake in CRFSA in a deal that will value the enterprise at $325mn.
Carrefour Nederland B.V., a unit of Carrefour (Paris/CA), will sell its 32.16% stake in CRFSA and SAHOL will sell its 57.12% stake in the company.
The remaining 11% is listed on Borsa Istanbul. A101 will be obliged to hold a mandatory tender offer.
CRFSA, launched in 1991, operated more than 1,250 stores in 77 provinces of Turkey at end-2025, including franchise locations.
Charts: Largest retail chains in Turkey by number of stores and market share.
At end-2024, A101 was the largest retail chain in Turkey with a total of 16,348 stores. CRFSA was the eighth largest chain with 750 stores.
Yildiz Holding had 14,560 stores, including 12,255 Sok (SOKM) and 2,305 Sec stores. BIM (BIMAS) had 12,269 stores, including 11,991 BIM stores and 278 File stores.
Anadolu Holding (AGHOL), meanwhile, had 5,456 stores, including 3,569 Migros (MGROS) and 1,887 Ekomini stores.
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