Ciments Francais shareholders contest absorption

Ciments Francais shareholders contest absorption
Published: 27 March 2009

Shareholder lobby group Adam contested the project for absorption of Ciments Francais by its parent Italcementi with stock market regulator AMF, reports French News Digest.

Adam estimated unfair the conditions of the transaction, to be carried out through share swap.

Colette Neuville, head of Adam, insisted on a ratio of one Ciments Francais share for 10 Italcementi shares, while the proposed ratio is one Ciments Francais share for 8.25 Italcementi shares. The other option the shareholders would accept is a takeover bid.