Heidelberg Materials Gains Majority Ownership of Turkey's Akcansa

By Nina Kienle

Heidelberg Materials said it would increase its shareholding of Istanbul-listed Akcansa to almost 80%, as the German company strengthens its strategic position in Turkey and the Mediterranean Basin.

The building materials group on Monday said it accepted to acquire an offered 39.72% stake of Sabanci Holding in Akcansa, increasing its shareholding in the cement manufacturer to 79.44% from 39.72%. Financial details weren't disclosed.

The transaction is aligned with the group's strategy of strengthening its position in core markets, Chairman of the managing board Dominik von Achten said.

"It provides us with the opportunity to further optimize our portfolio and strengthen our supply capabilities in a region with compelling growth opportunities," he added.

The transaction remains subject to regulatory approvals, Heidelberg said.

Write to Nina Kienle at [e-mail]

(END) Dow Jones Newswires

04-20-26 0249ET