HVK Stevens advises OYAK in multi-billion Dutch partnership with TCC in Europe, Asia and Africa

HVK Stevens advises OYAK, one of the worlds largest pension funds, in a Dutch corporate partnership restructuring with Taiwan Cement Corporation (TCC), aligning with the vision of sustainable growth and reduced carbon emissions. Both OYAK and TCC, a leading Asian cement company listed on the Taiwan Stock Exchange, entered into a share purchase and restructuring agreement with a value of more than EUR 2 billion.

Completion of the transaction will trigger a mandatory tender offer for all the outstanding issued share capital of OYAK Çimento Fabrikaları, the largest cement supplier in Turkey and publicly listed on the Istanbul Stock Exchange. Portuguese cement and building materials maker Cimpor Portugal has a 55% market share in Portugal, and has operations in several African countries including Cape Verde, Ivory Coast and Cameroon.

In this context, parties have reached an agreement that includes but is not limited to:

The sale of OYAK’s 60 percent share in Cimpor Portugal Holdings for EUR 800 million, representing 100 percent of the enterprise value of Cimpor Portugal Holdings, and
The sale of 100 percent of the enterprise value of OYAK Denizli Cement shares, which is the controlling shareholder of Oyak Cimento Fabrikaları A.Ş., for EUR 1 billion 300 million and 20 percent of OYAK’s 60 percent shares in OYAK Denizli Cement.

HVK Stevens Team

The Amsterdam based HVK Stevens Team advising OYAK was led by Paulus Merks and Jan Willem Schenk and included amongst others Frank van Nus, Inakki Hegeman, Mathijs Zwiers, Douwe Dijkstra and Tim Kok on International Tax and VAT matters and Marieke Vreeburg, Femke van der Meulen and Tim van Veen on Dutch Corporate and Legal matters.