Cement News tagged under: Cemex
Cemex extends tender date for exchange offer13 March 2012, Published under Cement NewsCemex has extended the early tender date for five exchange offers launched in February this year. The company has offered to exchange euro-denominated 4.75% notes due 2014 and outstanding series of perpetual debentures for euro or dollar-denominated senior secured notes until March 23 2012," the cement maker said in a release. |
Cemex agrees to pay Mexican tax dispute12 March 2012, Published under Cement NewsCemex has lost a dispute with the Mexican government over money owed on proceeds from foreign subsidiaries, resulting in the cement producer now paying a fine of at least US$361m in back taxes. Cemex had contested changes in the law in 2005 that required Mexican companies to pay in Mexico on certain income from foreign subsidiaries where income taxes were less than 75% of the corresponding tax in Mexico. In September 2008 the Supreme Court overturned on appeal a favourable ruling that ... |
S&P Assigns Cemex 'B-' rating01 March 2012, Published under Cement NewsStandard & Poor's Ratings Services affirmed its ratings, including the 'B-' global scale and 'mxBB/mxB' national scale rating long-term corporate credit ratings, on Cemex. S&P’s ratings on Cemex and its key subsidiaries – Cemex Inc., Cemex Mexico, and Cemex Espana--are constrained by its "highly leveraged" financial risk profile, as our criteria define it, reflecting the company's high debt and "less-than-adequate" liquidity position. The ratings also reflect the relatively high concentrat... |
Cemex share approval, confident on meeting debt obligations27 February 2012, Published under Cement NewsCemex shareholders have approved a plan for the company to issue more shares. The proceedings from the issuance will be used to pay a dividend, the company said at its annual shareholders meeting. Meanwhile, Cemex CEO, Lorenzo Zambrano, last week said that the company will meet its debt obligations to creditors this year, suggesting that the company may be turning a corner following a tough year when meeting these obligations were in doubt. Source: Reuters |
Cemex to appeal fine, Mexico24 February 2012, Published under Cement NewsCemex CEO Lorenzo Zambrano has reiterated that the company will appeal a fine for allegedly blocking competitors from bringing cement into Mexico, the Wall Street Journal reports. Earlier this month, the Federal Competition Commission (CFC) fined Cemex MXP10.2m (US$796,000) following an investigation into a failed attempt by a competitor to import cement via a silo ship almost eight years ago. The newspaper quoted Zambrano as saying: “We’ve done nothing illegal.” He said Cemex used leg... |
Cemex fined for anti-competitive practices14 February 2012, Published under Cement NewsMexico’s competition watchdog has fined cement giant Cemex MXN10.2m (US$800,500) for anti-competitive practices in a 2005 dispute when the company blocked a shipment of cheap Russian-made cement from entering the country. The competitor tried to import 26,000t of lower-priced Russian cement into Mexico, but the “Mary Nour” vessel was held up for months at a Mexican port and eventually turned away in 2005 after being blocked by Cemex. The rival group brought a claim against Cemex in 20... |
Cemex 2011 turnover improves but net loss increases03 February 2012, Published under Cement NewsCemex’ turnover improved by 7.6% in 2011 to US$15,139.2m, but the EBITDA was just 0.8% ahead at US$2331.9m. The trading profit, however, advanced by 12.2% to US$960.2m, compared with a 26.5% fall a year ago. The net interest charge, which had risen by 22.9% in 2010, increased by a further 11.8% to US$1399.7m, and the cost of ‘other’ expenses also rose on the back of higher losses on financial instruments and exchange rates. This resulted in a pre-tax loss that was 37% higher at US$1,238.61m... |