Buzzi Unicem modifies plans to buy Dyckerhoff stake

Buzzi Unicem modifies plans to buy Dyckerhoff stake
Published: 06 October 2004

Buzzi Unicem SpA has abandoned plans to buy a 24.19 per cent stake in German cement group Dyckerhoff AG from Sanpaolo IMI SpA unit IMI Investments before January, when the bank has the right to sell the stake to the Italian group, the daily MF said without giving a source.  In September, deputy chairman Franco Buzzi said in an interview with the daily Il Sole 24 Ore that the group planned to review the agreement with Sanpaolo, so as to be able to buy the stake end-September/early October for Euro 418m.  Buzzi already has a 67 per cent stake in Dyckerhoff and IMI Investments has the right to sell the 24.19 per cent stake to Buzzi in Jan 2005. Local news reports said Buzzi abandoned the idea of an early acquisition of the stake because of legal complications and of extra costs.