Cement News tagged under: Mergers and Acquisitions
Court ruling threatens to nullify Cemex stake in Assuit, Egypt14 September 2012, Published under Cement NewsCemex said on Thursday its Egyptian unit Assiut Cement Co has learned of a preliminary ruling by a court in Egypt that could nullify the agreement under which Cemex bought a majority stake in the company more than a decade ago, Dow Jones Global Equities News reports. Assiut Cement is fighting the decision. It will continue to operate as usual, Cemex said in a statement to the Mexican Stock Exchange. Cemex bought its stake in Assiut from Metallurgical Industries Co., a state-run Egyptian ... |
Cemex clears refinancing deal, considers asset sales11 September 2012, Published under Cement NewsCemex will extend maturities of bank loans by three years after its restructuring offer won acceptance from creditors holding 92.6 per cent of the debt. The offer had to be accepted by 91 per cent of creditors to go through after the threshold was lowered from an initial 95 per cent, and the transaction is expected to become effective in the following weeks, the company said in a statement. Cemex plans to sell US$500 of new 9.5 per cent senior notes due in 2018 as part of the exchange. ... |
Oyak Cement to sell stake in Aslan Cemento, Turkey10 September 2012, Published under Cement NewsMilitary-run business conglomerate Oyak Cement announced on Friday it had applied to the Central Registry Agency to sell an almost 10 per cent stake in subsidiary Aslan Cemento. Oyak owns a 96.85 per cent stake in Aslan and in the announcement it said it would sell 7.18 million units of stake out of a total 70.7 million it holds on the Istanbul Stock Exchange. (Source: Reuters) |
Huaxin sees 82.3 per cent slide in 1H12 net profit, China06 September 2012, Published under Cement NewsHuaxin Cement said net profit for the first half of 2012 fell 82.3 per cent YoY to CNY95.92m (US$15m). Operating revenue slid 1.53 per cent YoY to CNY5.49bn with basic earnings per share of CNY0.1. Huaxin Cement is 41.6 per cent controlled by Holcim. Last year, the Chinese producer continued its acquisition policy and purchased three works in the Hubei province with a combined capacity of 5Mta, giving Huaxin Cement a capacity of 58.5Mta which has increased further since year end. |
FLSmidth strengthens customer services footprint in Australia05 September 2012, Published under Cement NewsFLSmidth signed an agreement to acquire the two Australian service companies MIE Enterprises Pty Ltd. and Mayer Bulk Pty Ltd. The parties have agreed not to disclose the value of the transactions. The two acquisitions will complement FLSmidth's regional Customer Services set-up with a highly skilled workforce and full-service capabilities. The key markets of the two companies are currently the Australian and South East Asian mining industries. MIE Enterprises Pty Ltd. and Mayer Bulk Pty ... |
Seacem trims stake in Lafarge Republic, Philippines05 September 2012, Published under Cement NewsSoutheast Asia Cement Holdings (Seacem) on Tuesday sold a 2.3 per cent stake in Lafarge Republic Inc (LRI) to local institutional investors for PHP1.14bn (US$27m). Seacem sold 136 million of its LRI shares at PHP8.40/share, according to disclosures by both companies to the Philippine Stock Exchange (PSE). Aside from raising fresh funds, Seacem’s move to reduce its stake in LRI is part of measures to boost the public float of the latter to meet the 10 per cent minimum by the PSE for a c... |
FLSmidth to acquire German TEUTRINE GmbH04 September 2012, Published under Cement NewsFLSmidth has acquired the privately-owned company TEUTRINE GmbH Industrie-Technik (TEUTRINE), a German company specialised in mobile solutions for repairs, refurbishments and installation services. The parties have agreed not to disclose the value of the transaction. TEUTRINE has 40 years of experience of worldwide site management services, assembly and repair tasks within the cement and minerals industries. The company predominantly carries out maintenance and repair services at site w... |
Lafarge Republic to comply with 10% public ownership, Philippines31 August 2012, Published under Cement NewsLafarge Republic Inc was approved a one-day trading suspension on Friday by the stock exchange of the Philippines as it unveiled plans to comply with the exchange's 10 per cent public ownership requirement, according to reports by Dow Jones. Lafarge Republic's public ownership is now 3.7 per cent. Companies listed on the Philippine Stock Exchange have until the end of 2012 to comply with the requirement or face a delisting. The cement producer said its major shareholder, Southeast Asia Cem... |
Tangshan Jidong Cement majority shareholder increases stake, China30 August 2012, Published under Cement NewsTangshan Jidong Cement announced that its controlling shareholder, Jidong Development Group Co Ltd, has acquired a combined 14.01m shares, ore a 1.04 per cent stake in the company between 11 July 2012 and 28 August 2012. As of 28 August, the controlling shareholder holds 526m shares, or a 38.32 per cent stake in Jidong, according to reports from China Business Newswire. Tangshan Jidong Cement is based in the Hebei province of China. |
Citi Venture Capital International interested in Shriram Group investment28 August 2012, Published under Cement NewsCiti Venture Capital International (CVCI) is reportedly holding talks to invest INR400crore in the cement unit of southern conglomerate Shriram Group, according to reports in the Times of India. The Shriram Group initiated the process to sell a stake in Sree Jayajothi Cement which it had previously acquired a 70 per cent stake in earlier this year following the conversion of loans into equity. Private equity companies like Blackstone, Kohlberg Kravis Roberts & Co and Mount Kellet, had shown... |