Sabancı Holding receives $1.1 billion offer for Akçansa stake

ISTANBUL

Sabancı Holding announced that it has received a binding offer from an unrelated third party to acquire its shares in Akçansa Çimento, representing 39.72 percent of the company’s capital.

The offer values Akçansa at $1.1 billion on a cash- and debt-free basis, according to a disclosure filed with the Public Disclosure Platform (KAP) on Jan. 28.

Akçansa, one of Türkiye’s leading cement producers, is jointly owned by Sabancı Holding (39.72 percent) and Heidelberg Materials (39.72 percent). The remaining 20.56 percent is publicly traded.

The binding proposal covers Sabancı’s stake of 76.04 million Turkish Liras nominal value shares and will remain valid until the execution of a final share transfer agreement, the filing with Borsa Istanbul added.

Sabancı Holding said the offer will be evaluated in line with its contractual obligations and legal requirements.

The company noted that the disclosure had initially been postponed on Jan. 17 under Article 6 of the Capital Markets Board’s Material Events Communiqué, citing the need to protect the legitimate interests of Sabancı Holding, Akçansa and its shareholders. With the reasons for postponement no longer applicable, the announcement has now been made public, it said.