Cement News tagged under: Italcementi

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Berenberg upgrades Italcementi

26 September 2014, Published under Cement News

Analysts at Berenberg bank have upgraded its recommendation on Italian cement major Italcement's stock to 'buy' from 'sell' with a target price of EUR6.30. Berenberg said the planned merger between Holcim and Lafarge "remains the dominant theme for the sector". They said Italcementi's asset portfolio favours the company as the cement sector faces significant consolidation.

Suez Cement plant to switch to coal

19 September 2014, Published under Cement News

Italcementi Group is looking to find a long-term solution to the fuel shortage problems it faces in Egypt with its subsidiary Suez Cement. Suez Cement needs to find a reliable fuel source for its cement plants to keep its 18 per cent of local cement sales. The Suez plant will use coal next November, while two of the group’s its other factories in Tora and Helwan will start in two years' time, said Suez Cement Co CEO, Omar Mehanna. “We will begin using coal to generate energy for cement prod...

Suez Cement diversifies fuel sources

18 September 2014, Published under Cement News

Suez Cement, part of the Italcementi group, is working towards diversifying its fuel sources with coal to be used in one of its factories before year-end.  The company will begin using coal next November at its factory in Suez, company CEO Omar Mehanna said. Two of its other factories in Tora and Helwan will start in two years, "We will begin using coal to generate energy for cement production cement in our Katameya factory by the end of this month in order to produce 3Mta," he said. ...

Moody's upgrades Italcementi outlook

01 August 2014, Published under Cement News

Moody's has confirmed Italcementi's Ba3 rating and upgraded the company's outlook from 'stable' to 'positive' following the successful conclusion of the Italian cement major's 'i.150' project. The same rating is affirmed for Italcementi's Euro Medium Term Note Programme (EMTN) programme and for its subsidiary Italcementi Finance. Following the recent transaction which led Italcementi to control the total share capital of Ciments Français and the related delisting of the company, Moody’s ...

Italcementi suffers from jump in financing costs

31 July 2014, Published under Cement News

Italcementi's first-half turnover declined by six per cent to EUR2048.4m, but the running EBITDA did improve by 2.2 per cent to EUR304.8m. Helped by a 6.2 per cent reduction in the amortisation and depreciation charge, the trading profit improved by 27.7 per cent to EUR99.8m. A 66.5 per cent jump in financing costs, largely related to interest rate derivatives and derivatives on CO2 hedging, led to a net financial charge of EUR75.1m. After contribution from associates and impairment charg...

Suez Cement 1H earnings rise on cost control efforts

23 July 2014, Published under Cement News

Suez Cement Group of Companies (SCGC) posted an increase in revenues and earnings for the first half of 2014 which it attributed in part to cost control measures. While the outlook for cement demand is more encouraging, energy shortages remain a key concern for the Italcementi group company. SCGC, which operates a network of five production facilities across Egypt, reported a 23 per cent increase in consolidated revenues in the six months to the end of June 2014. Recurring EBITDA was six p...

Italcementi raises EUR500m capital

09 July 2014, Published under Cement News

Italian cement maker Italcementi fully completed a capital increase worth EUR500m on Monday. Investors subscribed to 103.6m new shares within an issue approved by the board of directors on 6 March. During the offer period, investors exercised rights for the subscription of 99.42 per cent of the new shares for EUR497m. Under a subscription agreement, Italmobiliare spent EUR225.1m on the transaction.

Italcementi reaches threshold for squeeze-out of Ciments Français

04 July 2014, Published under Cement News

Italcementi said on Thursday it had bought more than 95 percent of share capital of Ciments Français, reaching the threshold for the squeeze-out of minorities at its French unit. Italcementi’s buyout bid for Ciments Français, which commenced on 13 June, is worth EUR79.50 (USS108.60) a share, ex dividend. The buy-out of minorities in Ciments Fran ç ais is part of the Italian cement major's plan to streamline its group structure and will lead to the delisting of the French unit from the P...

Italcementi Finance signs credit facility, Italy

23 June 2014, Published under Cement News

Italcementi Finance SA, a subsidiary of Italian cement maker Italcementi, has signed with a group of 14 international banks a syndicated revolving credit line for EUR450m with a five-year maturity, replacing a EUR920m credit line maturing in September 2015. The previous loan has not been used, hence there are no impacts on the group's total debt, a statement read. The new credit line envisages financial covenants for Italcementi Finance and Italcementi that are similar to the ones of the p...

Ciments Français: Paris stock exchange delisting

16 June 2014, Published under Cement News

The offer of voluntary actions to buy Ciments Français shares at the price of EUR79.50 promoted by Italcementi, was approved by the AMF on 10 June and will run from 13 June until 3 July 2014. The offer, as previously announced, is aimed at delisting of the shares of Ciments Français from the Paris Stock Exchange. Therefore, if the tender offer results in Italcementi holding a stake of more than 95 per cent of the share capital and voting rights of Ciments Français, this will initiate a 'squ...