Italcementi extends Suez Cement offer

Italcementi extends Suez Cement offer
Published: 16 December 2004

Italcementi is extending its takeover offer for Egypt’s Suez Cement Company until Dec. 30, it said on Wednesday. Italcementi said last week it would like to buy the 65.9 per cent in Suez Cement it did not own for about $540 million. Italcementi said would increase its total stake to 65-68 percent, with a 10 percent free-float and the rest would be bought by seven Saudi Arabian and Egyptian investors. However there seems to be some local resistance to the proposed purchase with other local cement groups concerned that foreign domination of Egypt’s cement sector might not be in the country’s best longer term interests and hence the announcement by Italcementi to extend the deadline