Lafarge considers selling Turkish units

Bloomberg

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Potential buyers can review the books of the companies, which include Lafarge Aslan Çimento, Paris-based Lafarge said in a filing with the Istanbul Stock Exchange yesterday.

"JPMorgan has started negotiations with possible investors and has sent them draft sale agreements," Lafarge said.

Standard & Poor’s lowered its credit rating for Lafarge to BBB- from BBB last month because of weaker financials. Lafarge is among European companies most likely to sell shares over the coming months to reduce debt, Societe Generale said in a report on Feb. 5.

Lafarge Aslan Çimento surged 9.3 percent to 53 Turkish Liras in Istanbul trading, the biggest gain since Dec. 29, when Lafarge said it hired JPMorgan to consider "strategic options" for its Turkish operations.

Lafarge also owns cement maker Lafarge Van Çimento, which it bought from Orascom Construction Industries at the start of last year, and Lafarge Ereğli Çimento, a grinding factory, according to the company’s Turkish Web site.