Heidelberg Materials AG is interested in doubling its stake in listed Turkish cement producer Akcansa Cimento AS to gain majority control and fend off other suitors, people familiar with the matter said.
The German building materials maker has been holding talks to buy a nearly 40% stake from its joint venture partner, Istanbul-based industrial group Haci Omer Sabanci Holding AS, according to the people. Heidelberg is exploring a competing offer after Sabanci announced on Jan. 28 that it had received a bid from an unnamed third party for its 39.7% interest, which valued Akcansa at about $1.1 billion.
The German company, which already owns 39.7%, has held similar talks in the past to buy out Sabanci, but those discussions stalled over price, some of the people said, asking not to be identified discussing confidential information.
Negotiations are ongoing and could still be delayed or falter and other suitors could emerge with higher bids, the people said. Representatives for Heidelberg, Sabanci and Akcansa didn’t respond to requests for comment.
The freely traded shares of Akcansa have gained about 13% in Istanbul over the past 12 months, giving the company a market value of about $930 million. The joint venture was founded in 1996 and is a leading producer of cement and ready-mixed clinker in Turkey, according to Heidelberg’s website.
Akçansa Cement (a joint venture between Turkey's Sabancı Holding and Germany's Heidelberg Materials) is positioned as a major player in the reconstruction of Syria. Following the political shifts in Syria in December 2024, market expectations for Turkish cement producers surged.
Key Aspects of Reconstruction (2025–2026):
o Export Boom: By early 2025, total Turkish exports to Syria increased by nearly 70%. Akçansa has leveraged its export capabilities to offset fluctuating domestic demand in Turkey.
o Logistical Edge: Proximity to the Syrian border provides Akçansa with a significant cost advantage in land transport, which is vital for high-volume materials like cement.
o Syria's Demand: As of 2026, Syria's reconstruction needs are estimated at 60 million tons of cement over the next decade (approx. 6 million tons annually). Local Syrian production can currently only meet about half of this demand.
o Strategic Acquisition: In February 2026, Heidelberg Materials moved to acquire Sabancı’s 40% stake in Akçansa for approximately $1.1 billion, aiming for full control to capitalize on regional recovery contracts.
Source: www.bloomberg.com
Aleksei Andrievskii is the founder of the ANDRIEVSKII SEA WEALTH family office in Cyprus, a member of the advisory board at Bendura Bank AG, Liechtenstein