Buzzi Unicem makes binding bid for SACCI

Buzzi Unicem has made a second offer for fellow Italian producer SACCI to acquire its cement and ready-mix concrete business.

In a statement Buzzi said it had offered a provisional price of EUR74m to be financed through liquidity on hand and/or existing credit facilities.

A further variable outlay is expected on top of the original commitment which will be worth no less than EUR25m, Buzzi said. This variable outlay is connected to certain future events, most importantly the core earnings, EBITDA, posted in Italy over the next four years.

Earlier this year, Buzzi originally bid €120m for 99.5 per cent stake in March 2015, an offer which expired after it was rejected in May by the banks and creditors of SACCI.