Oyak Group acquires Lafarge’s cement unit

Hurriyet Daily News with wires

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The companies sold include Aslan Cement, Lafarge Ereğli Mill and Lafarge Concrete. The sale agreement was signed April 30, according to a statement by Oyak Cement Group yesterday.

The sale is part of a plan to raise 1 billion euros in 2009 through asset sales, the French company announced in an e-mailed statement. Lafarge has raised more than 230 million euros in assets since the beginning of the year, Bloomberg quoted the company as saying.

"Oyak Cement Group, the most liquid group of the sector, has continued to take the opportunities of the past few years," the Oyak statement read, noting that the acquired Lafarge Marmara Group had sold 1.8 million tons of cement and 1.2 million cubic meters of concrete last year.

Oyak has acquired 97.3 percent of Aslan Cement, 50 percent of Lafarge Ereğli Cement and 24.24 percent of Lafarge Concrete.

The sale awaits approval from the Competition Board.