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CRH and partner seek permission for joint venture stake sale

Reuters - UK Focus

ISTANBUL, Oct 2 (Reuters) - Irish cement maker CRH and its Turkish partner Eren Holding have applied to Turkey's competition regulator to sell their joint venture Denizli Cimento to army pension fund OYAK Group, according to the website of the country's anti-trust regulator.

CRH (NYSE: CRH - news) and Istanbul-based Eren each hold a 50 percent stake in Denizli. OYAK Group has interests from steel to cement.

No price was given for the disposal.

As part of its ambitious plan to become one of the world's 10 largest economies by 2023, Turkey plans to invest $100 billion in infrastructure projects in the next four years.

CRH has embarked on a disposal plan under new Chief Executive Albert Manifold and plans to sell at least 10 percent of its net assets, or between 1.5 billion euros and 2 billion worth. (Reporting by Seda Sezer and Evren Ballim Editing by David Holmes)