Heidelberg Said to Pursue Sabanci Stake in Akcansa Cement JV

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.