Turkey's Sabanci exits Akcansa Cimento and CarrefourSA

About this update from Carrefoursa Carrefour Sabanci Ticaret Merkezi A.s.

Turkish conglomerate Sabanci Holding BIST:SAHOL said it will sell its remaining shares in cement maker Akcansa Cimento BIST:AKCNS and exit from retailer CarrefourSA BIST:CRFSA.Analysts have said the conglomerate has been looking to streamline its operations by off-loading assets with low profit margins.Heidelberg Materials XETR:HEI bought Sabanci's 39.72% stake in Akcansa in a deal that values the company at $1.1 billion on an enterprise value basis, subject to debt and cash adjustments, according to a filing on Monday.The transaction value was not disclosed.The deal will double Heidelberg Materials' stake in Akcansa to 79.44%.Akcansa 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.Heidelberg Materials said Turkey's geographic position offers long-term strategic upside linked to future reconstruction and infrastructure demand in neighboring regions, including the Middle East and the Black Sea.Akcansa Cimento shares were up more than 2% in morning trade while those of Sabanci were 2% lower.Sabanci announced after the market close on Friday that it would exit CarrefourSA BIST:CRFSA, a Turkish supermarket chain it founded with France's Carrefour.Yeni Magazacilik, owned by the Aydin family, will buy Sabanci's 57.12% stake as well as 32.16% held by Carrefour Nederland. Financial terms were not disclosed.Shares in CarrefourSA tumbled more than 9%.Yeni Magazacilik also owns discount retailer A101.

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