Turkey's Army Pension Fund (OYAK) has agreed to sell an additional 20% stake in its Oyak Denizli Cement joint venture to Taiwan Cement Corp. for €193.4 million. The deal, finalized late on Monday, boosts Taiwan Cement's ownership to a controlling 60% interest. In a separate but related transaction, OYAK will also transfer a 60% majority share of Cimpor Portugal Holdings to Taiwan Cement, rendering the Portuguese company a wholly-owned subsidiary with a valuation of €800 million.
The strategic divestment by OYAK is part of a broader partnership with Taiwan Cement, which began with an initial acquisition in 2018. The latest share transfer is significant as it not only consolidates Taiwan Cement's influence over Oyak Denizli Cement but also expands its footprint in Europe through the acquisition of Cimpor Portugal Holdings.
Investors reacted positively to the news, with Oyak Cement's shares rising by up to 4.4% in Istanbul's trading markets. Taiwan Cement similarly experienced an uplift in its stock performance on the Taipei exchange, signaling market approval of the expanded joint venture and acquisition moves.
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