Fujian Cement Inc has denied reports that it would be acquired by Beijing-based China National Building Material Co., Ltd and Taiwan-based Taiwan Cement Corp on November 14, 2007.
China National Building Material and Taiwan Cement were talking with Fujian Cement about takeover deal, with hope of expanding their businesses in the market of Fujian Province, South China.
Fujian Cement declared that the company had never discussed about the aforesaid deal or authorized any person or institution to do it, and the board had no plans to negotiate about it in the next three months.
In addition, Fujian Building Materials (Holdings) Co., Ltd., the controlling shareholder of Fujian Cement, also denied the aforesaid acquisition.
Founded in November 1993, Fujian Cement went public on the Shanghai Stock Exchange in January 1994. It is producing cement and clinker in Fujian Province and the neighboring Jiangxi Province. It outputted approximately 3Mt of clinker and 3.6Mt of cement in 2006.