Sale in sight for a subsidiary of Italcementi. Through Ciments Français, the Italian group active in the building materials sector has announced its intention to put up for sale the entire majority stake (51%) held in Afyon Cimento Sanayii Turk, a listed Turkish company which last year built a turnover of 23 million euros.
To this end, the French company Ciments Français "has chosen Mediobanca as financial advisor to study and possibly exploit the best strategic opportunities", reads a note. Only at the end of 2010 Ciments Français still owned 76% of Afyon Cimentos, but now – as a spokesman explains – “it no longer considers Turkey as a strategic location”. The operation is part of the enhancement strategies of the Turkish assets already announced by the company, which at the end of last March finalized the agreement for the sale of Set Group Holding to Limak Holding for approximately 270 million euros.
