Colombia’s securities regulator Supervalores and companies regulator Supersociedades have issued authorizations for the merger of cement firm Cementos del Caribe with seven other Argos cement companies, read a statement from Supervalores.
The authorizations for the merger were granted after the trade and industry regulator issued a statement on September 2 saying it had no objections to the merger.
The boards of the companies themselves gave the go ahead to the merger on June 22 this year and these decisions were ratified in shareholders assemblies held July 25 and 29.
The companies to be merged into Cementos Del Caribe, which is controlled by industry giant Cemento Argos, are: Cementos del Valle; Cementos Paz del Rí; Cementos Rioclaro; Compañí Colombiana de Clinker (Colclinker); Cales y Cementos de Toluviejo (Tolcemento); Cementos El Cairo; and Cementos del Nare.
The next step to take will be to inform authorities, shareholders, investors, the stock market, suppliers, customers and other interested groups as to when the merger will actually be effected, as well as the procedures that will be applied to ensure that this takes place successfully.