Cement News tagged under: Mergers & Acquisitions

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CCI approves acquisition of Emami Cement

22 May 2020, Published under Cement News

The Competition Commission of India has approved the 100 per cent acquisition of the total issued and paid-up share capital of Emami Cement Ltd by Nuvoco Vistas Corp. Emami had entered into an agreement for the divestment of its 100 per cent equity stake in Emami Cement for an enterprise value of INR55bn (US$724.83m) in February. The acquisition will bring Nuvoco's total cement capacity in India to 23.5Mta, including an ongoing capacity expansion project in Jojobera, Jharkhand, and over ...

Huaxin Cement acquires ARM Cement's Tanzanian unit

20 May 2020, Published under Cement News

The Tanzanian unit of Kenya's ARM Cement has been sold to China's Huaxin Cement, according to its administrator PricewaterhouseCoopers. Huaxin is expected to invest US$116m into Maweni Limestone Ltd to settle liabilities and another US$30m to complete a plant construction and upgrade. "Securing a suitable investor with the ability to make the requisite investments and inject much-needed capital to boost Maweni's operations [...] was a top priority [...] given Maweni's dire financial si...

Hong Leong Asia makes takeover offer for Tasek Corp

13 May 2020, Published under Cement News

Hong Leong Asia, which currently holds an 88.16 per cent stake in Malaysia’s Tasek Corp through two subsidiaries, has reportedly launched an unconditional voluntary takeover offer to acquire the remaining shares for around MYR83.9m (US$19.35m). The company, via its HL Cement and Ridge Star subsidiaries, had sought to take Tasek private last year, according to The Business Times Singapore. Tasek moved from a net loss last year to an MYR4.19m profit in its 1Q20 results reported last wee...

Emami Group agrees to sell cement unit to Nuvoco Vistas

07 February 2020, Published under Cement News

India’s Emami Group has announced the sale of its 8.3Mta cement business to Nuvoco Vistas (Nirma Group), with the move valued at INR55bn (US$770.56m). "We are very proud of Emami Cement’s achievements in a short span of time and we strongly believe that in Nuvoco, we have found the right acquirer who will be able to develop the business further in the interest of all the stakeholders," said Manish Goenka, director of Emami Group. Emami Cement operates an integrated cement plant and three g...

Alexandria Development seeks 100% acquisition of Alexandria Portland Cement

09 December 2019, Published under Cement News

Egypt’s Alexandria Development Ltd (Titan Cement International) has announced its intention to acquire the remaining 11.07 per cent stake in Alexandria Portland Cement. It already owns 88.93 per cent of the company and is expected to offer EGP6/share (US$0.37/share) in cash for the remaining stake. Once the deal completes, the company would delist Alexandria Portland Cement from the Egyptian Exchange, according to Reuters.

BASF in talks to sell construction materials business to Lone Star

04 December 2019, Published under Cement News

Germany’s BASF and private equity firm Lone Star are reportedly in exclusive negotiations for the sale of the former’s construction chemicals business, according to Bloomberg. Estimations have placed the unit at a value of around EUR3bn. In 2007 BASF acquired the business from Degussa, predecessor to Evonik, for EUR2.7bn but put the business up for sale last year. Following talks with LafargeHolcim, Cinven, which owns Chryso, and Bain Capital, owner of MKM, were both said to be in the run...

Dalmia Cement reportedly considers acquiring Emami Cement assets

12 September 2019, Published under Cement News

India’s Dalmia Cement (Bharat) has reportedly submitted an expression of interest in acquiring the cement assets of Emami Group, which have been valued at INR60bn (US$841.9m), according to The Economic Times. "Dalmia Bharat is currently studying the financials provided by the bankers of Emami Cement. The strategy will be decided once we conclude our assessment and firm up our intent to proceed. Moreover, we have a healthy leverage but would always keep all options open," said the company i...

RAK Cement cancels cement plant acquisition plans

11 September 2019, Published under Cement News

UAE-based Ras Al Khaimah Cement has reportedly cancelled a deal to acquire a cement plant and quarry as financing could not be arranged, according to Reuters. While the name of the plant and quarry were not released in the statement, the company had previously planned to acquire the Newtech cement plant and Al Banna quarry in Fujairah. However, the deal, valued at AED450m (US$122.5m), was pushed back to the 2Q19 due to incomplete financing procedures.

Dalmia Bharat-led bid approved by lenders

09 March 2018, Published under Cement News

Lenders to the bankrupt Binani Cement have decided that a a Dalmia Bharat-led bid would be allowed, thereby overruling the objections of UltraTech Cement. The offer fulfilled all of the conditions and hence there is no reason to block it, reports a source for The Economic Times. At a meeting held in Mumbai on Wednesday, the lenders involved decided to seek the approval of their respective boards on the Dalmia-Bain bid, where it was also revealed that Dalmia had received CCI approval for t...

UltraTech seeks clarity on Binani Cement bidding process

07 March 2018, Published under Cement News

UltraTech has approached the National Company Law Tribunal (NCLT) in Kolkata, seeking clarity on the evaluation of bids for Binani Cement, according to India Info Online. Dalmia Bharat outbid the company by approximately INR1bn (US$15.39m) to eventually win the assets. However, it has been reported that parameters such as the company’s background, experience and ability to pay upfront cash to secured lenders were taken into account. Binani Industries (BIL) has also petitioned the NCLT, cl...