HeidelbergCement has sold its 35% stake in French cement producer Vicat at a price of EUR86.00 per share, raising EUR1.4bn, HeidelbergCement announced.
Of the offered shares, 772,659 were allocated in a public offering in France, while 9,999,117 shares were allotted in an international private placement, HeidelbergCement said.
Simultaneously, HeidelbergCement is selling the remaining shares at the market offering price of EUR86.00 per share to Vicat and the two family holdings, the majority owners of Vicat.
Following these transactions gross proceeds received by HeidelbergCement from the sale of its stake in Vicat’s share capital will amount to EUR1.4bn, it said. Settlement and delivery of the shares sold by HeidelbergCement are expected on June 18, 2007.
"On the one hand, we’ll use the proceeds for strengthening our positions in growth markets," says Bernd Scheifele, Chairman of the Managing Board of HeidelbergCement.
"On the other hand, we’ll finance the consistent expansion of vertical integration, i.e. the extension of our sand and gravel activities in mature markets."