Italcementi Unit Afyon Jumps After Cimsa Bids for 51% Stake in Company

Afyon Cimento Sanayi TAS (AFYON), a Turkish cement maker owned by Italcementi SpA (IT)’s Ciments Francais, headed for the biggest gain in almost three months after a rival Turkish cement maker bid for a 51 percent stake.

Ayfon shares surged 9.8 percent to 112 liras at 10:05 a.m. in Istanbul.

Cimsa Cimento Sanayi & Ticaret AS made a bid for 51 percent of Afyon, Cimsa said in a statement to the exchange on Nov. 18 after the market closed. Cimsa shares gained 0.3 percent to 7.98 liras.

Ciments Français hired Mediobanca SpA as financial adviser for the possible sale of its entire stake in Afyon, it said on June 28.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

To contact the editor responsible for this story: Mark Bentley at mbentley3@bloomberg.net

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