French cement producer and distributor Ciments Francais, a subsidiary of Italian cement producer and distributor Italcementi SpA, aims to buy the remaining 60 per cent in Egyptian state-owned cement company Suez Cement Co, the president of Ciments Francais, Yves Rene Nanot, said on March 2, 2005.
Ciments Francais currently owns 40 per cent of Suez Cement. According to Nanot, the French company plans to achieve a deal with the Egyptian Government in the near future.
In December 2004, Italcementi launched a takeover bid for Suez Cement through its subsidiary Ciments Francais. The takover bid was launched with the help of Italian and international investors. After the bid, Ciments Francais increased its stake in Suez Cement to 40 per cent from 34.1 per cent paying EUR 37m.