Cement News tagged under: Acquistions

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HeidelbergCement Bangladesh to acquire Meghna Energy

19 July 2018, Published under Cement News

The Board of Directors of the HeidelbergCement Bangladesh Ltd has approved the draft scheme of amalgamation of the Meghna Energy Ltd with the HeidelbergCement Bangladesh Ltd subject to sanction by the High Court Division of the Supreme Court of Bangladesh and approval of the same by the members of the Company and Meghna Energy Ltd. HeidelbergCement Bangladesh Ltd will acquire 4,056,457 shares (99.99 per cent) in Meghna Energy at an estimated consideration of BDT910m (US$10.77m). Out of whi...

Breedon enters agreement to acquire Lagan Group (Holdings) Ltd

17 April 2018, Published under Cement News

Breedon Group Plc has entered into a conditional agreement to acquire Lagan Group (Holdings) Ltd (Lagan), a leading Belfast-based construction materials business, for a cash consideration of GBP455m on a cash- and debt-free basis. The consideration will be financed by a combination of a new GBP150m term loan, a new GBP350m revolving credit facility which replaces Breedon's existing GBP300m revolving facility and a GBP170m equity placing. "We are delighted to have completed our largest a...

The Ministry of Coal cancels mining licence

09 March 2018, Published under Cement News

India's Ministry of Coal has cancelled the mining licence for the Mandla South coal block won by Jaypee Cement, following the sale of the attached plants to UltraTech Cement. Jaypee sold three of the four projects linked to the block in Madhya Pradesh to UltraTech in January 2017, reports The Economic Times. According to a letter written by the Ministry, "The successful bidder had sold the end use plants, which is major lapse on the part of successful bidder and also shows the clear inten...

Vietnam: Thai acquisitions face tough competition

15 March 2017, Published under Cement News

Thai companies have spent around US$600m acquiring assets in Vietnam even as the country’s cement producers face shrinking export markets and tougher domestic competition, Vietnam Net reports. At the end of February, LafargeHolcim completed the sale of its 65 per cent stake in its Vietnamese subsidiary to Siam City Cement (SCC) for at least US$550m. With the purchase, SCC now has 6.1Mta of capacity and a 20 per cent market share in southern Vietnam. Siam City’s domestic rival Siam Ceme...

USA: FTC approves HeidelbergCement divestiture

16 November 2016, Published under Cement News

The US Federal Trade Commission (FTC) has given its approval to an application from HeidelbergCement and Italcementi for the divestiture of the Essroc Martinsburg cement plant in West Virginia and eight cement terminals, local newspaper the Morning Call reports. The plant and terminals are to be acquired by Cementos Argos for US$660m. The divestiture was required by the FTC to preserve competition in the face of the merger of HeidelbergCement and Italcementi. The deal was originally ag...

Sagar Cement to invest US$22m in new capacity

18 August 2016, Published under Cement News

India-based cement producer Sagar Cement has announced that it plans to spend INR1.45bn (US$22m) over the next two years to expand its operations, the Hindu reports. The sum includes INR660m (US$10m) to purchase a 1.8Mta grinding unit currently owned by Toshali Cements in Bayyavaram, Andhra Pradesh. Sreekanth Reddy, Executive Director, Sagar Cement, said: “This acquisition will bring down logistics cost and facilitate Sagar to introduce slag cement in parts of Andhra Pradesh and Odisha”. ...

Deadline day reached for Lafarge India bids

04 July 2016, Published under Cement News

Today (4 July) sees the passing of the deadline by which bidders must submit binding offers for Lafarge India's assets. According to press sources, five companies – three domestic and two foreign – are in the running for the facilities, which include production capacity of 11Mta. The five firms submitting their bids today are: Cemex, Anhui Conch, JSW Cement, Piramal Enterprises and the Nirma Group. Of the five, only JSW Cement has a significant presence in the Indian market: the company h...

India: Jaypee Group debts threaten cement unit sale

04 July 2016, Published under Cement News

Creditors of Indian conglomerate Jaypee Group have invoked debt restructuring provisions that allow them to convert loans into equity, turning them into the firm’s majority shareholders, reports the Economic Times. Jaypee Group is struggling under debts of INR582.5bn (US$8.7bn) and had agreed to sell its cement unit to UltraTech Cement to raise capital. Following the move by banks, UltraTech is understood to have written to the Gaur family – who founded and still run Jaypee – questioning ...

West China Cement shares drop by one third in single day’s trading

29 June 2016, Published under Cement News

Hong Kong-listed West China Cement (WCC) has seen its shares fall by 32.7 per cent in a single day, wiping US$350m off the value of the company, Bloomberg reports. At one point, the company’s shares were trading 46 per cent down on their opening value, before recovering slightly to close at HKD1.07 (US$0.14). In May West China Cement reached an agreement with Anhui Conch that would see the latter company acquire the former. However, the deal has yet to be finalised and requires officia...

India: Birla sees Q4 profit rise to US$17m

09 May 2016, Published under Cement News

Birla Corporation has released its earnings figures for the three months to 31 March 2016, during which time the firm achieved a profit of INR1.16bn (US$17.4m), up fourfold on a year earlier, the Hindu reports. Revenue for the quarter rose by nine per cent to INR8.7bn (US$131m). Full-year earnings saw total income rise by two per cent to INR32.7bn (US$492m), while profits were down 10.3 per cent at INR1.57bn (US$24m). Chairman, H V Lodha, said that both the cement and jute divisions pe...