Oman’s Raysut in acquisition talks

Oman’s Raysut in acquisition talks
Published: 25 October 2010

Raysut Cement Co is holding acquisition talks with several companies and expects to reach an agreement within a month, its chief financial officer said on Sunday.

’We have been exploring acquisitions for some time now. There is still some way to go. The important thing is the tonnage capacity. We won’t go for below 1Mt capacity,’ Samidh Mukhopadhyay told Reuters in an interview.

’It (a deal) may be announced in a month’s time because the dialogue is still happening.’

Mukhopadhyay declined to provide any additional details on target companies or the expected value of a deal. Analysts say the company is looking for an acquisition with a potential value of between US$150-$200m and have cited Ras Al Khaimah Cement (RAK Cement) as a likely candidate.

’I cannot confirm or deny any names,’ Mukhopadhyay said when asked about RAK Cement.

In February, Raysut said it was planning a bid to buy the Star Cement Group of Companies but the deal was ultimately clinched by India’s UltraTech Cement.