Cement Hranice owner to squeeze out minority shareholders

Cement Hranice owner to squeeze out minority shareholders
Published: 31 August 2005

Dyckerhoff, majority owner of the Czech building materials maker Cement Hranice, plans to squeeze out small shareholders during a Friday general meeting. Dyckerhoff will offer minority shareholders CZK 2262 for each share worth a nominal CZK 300. Dyckerhoff now controls 98.27 per cent of Cement Hranice having bought the stake from France’s Ciments Francais in 1997. Cement Hranice saw its net profit rise 23 per cent yr/yr to CZK 501 mln in 2004. Salesfell byCZK 22 mln yr/yr to CZK 1.565 bn. In staging the buyout, Dyckerhoff is taking advantage of a recent amendment to the Czech commercial code allowing shareholders with over 90 per cent of a company to buyout minority shareholders at a price they (the majority shareholders) set.