Cement News tagged under: CRH

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Ash Grove Cement gives stockholder approval for CRH merger

23 October 2017, Published under Cement News

Ash Grove Cement Company has announced that its previous agreement for the merger with CRH plc, under which CRH plc will acquire Ash Grov Cement, has been approved by stockholders holding more than a majority of the outstanding voting stock, acting by written consent. Following execution of the CRH merger agreement, stockholders representing approximately 63.4 per cent of the outstanding voting stock delivered written consents approving the transaction, of which, consents representing appr...

PPC is a new target for CRH

13 October 2017, Published under Cement News

CRH is among companies considering a counterbid for PPC that could trump an offer by Canada’s Fairfax Financial Holdings, according to Bloomberg sources. PPC’s future has been considering a merger with rival AfriSam Group failed and Toronto-based insurer Fairfax made a partial offer for ZAR2bn (US$149.5m) of PPC stock at ZAR5.75/share. PPC has a market value of ZAR11bn (€689m). Fairfax’s offer is conditional on PPC merging with AfriSam, and the South African company has appointed Invest...

Thomas Gruppe to buy Gebr Seibel Zementwerke

13 October 2017, Published under Cement News

Thomas Gruppe (revenues estimated at EUR300m) confirmed on Thursday 12 October 2017 that it was taking over Portland-Zementwerke Gebr Seibel GmbH & Co KG, in Germany, a family-run business headed by Heinrich and his son Hubertus Seibel. Gebr Seibel Zementwerk has encountered problems due to discount requirements of its main client, Cementbouw (CRH group), ie roughly 120,000t out of 600,000t produced annually. CRH demanded to be supplied based on a cut-rate price per tonne (EUR42/t). T...

Summit Materials revealed as US$3.8bn bidder for Ash Grove Cement

09 October 2017, Published under Cement News

US cement maker Summit Materials has been revealed as the US$3.8bn bidder for Ash Grove Cement, according to a Reuters' source. The bid was submitted last week to trump an earlier takeover bid from Irish building materials firm CRH Plc. Ash Grove said earlier on Friday that it had received a new bid from an unnamed party which valued the business at US$3.7-US$3.8bn . The source said Summit Materials’ bid was submitted on Thursday and is currently being considered by Ash Grove’s board...

CRH back on the acquisition trail

06 October 2017, Published under Cement News

Financial analysts have been predicting for some time that CRH was likely to hit the acquisition trail again to bolster its portfolio. The recent US focus to target Ash Grove Cement and Suwanee America Cement will reshape the North American cement landscape, subject to Ash Grove and Suwanee shareholder and regulatory approvals. Debt reduction The Irish company had been lowering its debt since the EUR7.8bn it shelled out on buying assets from former Lafarge and Holcim facilities in 201...

Ash Grove Cement receives US$3.8bn takeover proposal

06 October 2017, Published under Cement News

CRH noted that an announcement by Ash Grove yesterday that the period for obtaining shareholder approval has been extended for its proposed acqusition. US cement maker Ash Grove Cement Co said on Thursday it received a larger takeover proposal valued at up to US$3.8bn, surpassing an earlier offer from Irish building materials firm CRH Plc. CRH said last month it agreed to buy Ash Grove for a total consideration of US$3.5bn. Ash Grove said the new bid valued at US$3.7-US$3.8bn was expected t...

Ash Grove Cement Board to come under investigation

04 October 2017, Published under Cement News

WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Ash Grove Cement Co in connection with the proposed acquisition of the Company by CRH, Plc.  On 20 September 2017, the Ash Grove Cement announced the signing of a definitive agreement under which terms CRH will acquire all outstanding shares of Ash Grove Cement in a transaction valued at approximately US$3.5bn. However, WeissLaw is investigating whether Ash Grove Cem...

CRH said to be closing in on Suwanee America acquisition

03 October 2017, Published under Cement News

CRH Plc is nearing an agreement to acquire Florida-based cement company Suwannee American Cement LLC from Votorantim Cimentos SA and Anderson Columbia Co, according to Bloomberg. The companies could announce an agreement this week, acording to the news seervice cources. The deal may value Suwannee at about US$750m. While talks are advanced, they could still be delayed or fall apart and the valuation could change. The planned acquisition follows a string of deals for CRH, which last month a...

CRH agrees US$3.5bn acquisition of Ash Grove Cement

21 September 2017, Published under Cement News

CRH plc has reached an agreement to buy US-based Ash Grove Cement Co for US$3.5bn. The proposed transaction is subject to Ash Grove shareholder and regulatory approvals and will be financed through existing financial resources. The transaction is expected to close around year end 2017. Albert Manifold, Chief Executive of CRH, commented: “Ash Grove is an excellent addition to CRH’s portfolio of businesses across North America as we seek to deploy our capital into high quality businesses tha...

McInnis Cement announces Atlantic distribution plan, CRH deal

08 September 2017, Published under Cement News

McInnis, the New Cement Co has announced its distribution plan for all of the Atlantic provinces. The cement producer has acquired two CRH Canada-owned distribution assets, enabling it to reach the markets in New Brunswick, Nova Scotia, as well as Prince Edward Island. McInnis will honour the orders of the clients supplied through those terminals and integrate their current employees.   In addition, McInnis has entered into an agreement with CRH Canada and will supply cement for this co...