Cementos Portland Valderrivas raised stake in Cementos Lemona SA to 97.57 per cent from 97.4 per cent it was holding in June 2006, Cementos Portland reported to the Spanish stock market regulator CNMV on September 1, 2006. The stake increase comes as a result of Cementos Portland permanent application to buy 100 per cent of Lemona’s shares and the application presented to CNMV to delist Lemona from Madrid and Bilbao stock markets in June 2006.
Cementos Portland acquired 96.06 per cent of Lemona after a successful takeover bid, completed in February 2006. Later in June 2006, it increased stake to 97.4 per cent.
Cementos Portland Valderrivas is a unit of Spanish construction and services group Fomento de Construcciones y Contratas SA (FCC). The acquisition of Lemona was in line with FCC plans to strengthen its positions on the cement market in northern Spain and the USA. The company also bought a 51 per cent stake in Spanish cement company Uniland for Euro 1.092bn at the beginning of June 2006.