Italian Italcementi Mulls Asia Expansion - Chairman

Italian Italcementi Mulls Asia Expansion - Chairman
Published: 05 September 2005

Italian cement producer and distributor Italcementi is studying expansion in Asia, the company’s chairman Giampiero Pesenti said. 
 
Italcementi’s expansion target for Asia includes acquisition of local companies, Pesenti added. 
 
The Italian cement group, which is already active in India and Thailand, is currently considering setting foot in other Asian countries as well. Italcementi also targets to expand its cement facility in India, Pesenti said. 
 
Italcementi’s takeover bid for Egypt’s ASEC Cement Company recently closed with a 98.5 pct subscription, Italy’s news agency ANSA said. According to media reports from August 18, 2005, Italcementi offered E£29  (US$5.026) per share for ASEC Cement, valuing the company at US$800m, as it sought to strengthen its presence on the Egyptian market.