March 16, 2017 / 1:46 PM / 5 months ago

HeidelbergCement to hold off investments in Turkey for now

HEIDELBERG, March 16 (Reuters) - German cement maker HeidelbergCement will hold off from making investments in Turkey for the moment given political uncertainty in the country, its chief executive said on Thursday.

Foreign investor sentiment towards Turkey has been hit by widening security concerns and fears of growing authoritarianism.

"There could be opportunities for deals in Turkey at reasonable prices," Bernd Scheifele told reporters at a news conference following the company's annual results. But he also said there was a risk that any such deals might not be the bargains they seemed given the political uncertainty.

Scheifele said he was concerned about the situation in Turkey, which he said was not good for economic development in the country.

HeidelbergCement has a joint venture with Sabanci Holding in Turkey, cement and ready-mixed concrete maker Akcansa. (Reporting by Sabine Wollrab; Writing by Maria Sheahan. Editing by Jane Merriman)

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