Cement News tagged under: Mergers and Acquisitions

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CRH reportedly looks to sell Philippine operations

14 November 2019, Published under Cement News

CRH is reportedly considering a sale of its Philippine cement business as the company seeks to raise cash by selling non-core assets, according to the Irish Independent. JP Morgan Chase is said to be assisting with finding a buyer for the operations, which could be valued between US$2-3bn. The company is currently receiving bid interest from Asia and Europe. However, the plans are still at a preliminary stage and no final decision has been made. CRH acquired Philippines-based Republic Cem...

Jidong Cement to acquire 49% stake in Beijing BBMG Mangrove

09 October 2019, Published under Cement News

China’s BBMG Corp is set to sell its entire 49 per cent stake in Beijing BBMG Mangrove to Jidong Cement for CNY1.72bn (US$241m). Jidong Cement is expected to fund the acquisition of the waste management company in an all-cash deal, according to a statement by BBMG. The proceeds from the divestment will be used to meet BBMG’s working capital requirements.

Reliance Logistics acquires 92% of Sama Cement's share capital

04 October 2019, Published under Cement News

Reliance Logistics Co has acquired 3.68m stocks of Egypt’s Sama Cement, representing 92 per cent of the company’s share capital. Sama Cement owns 6.8 per cent of Sinai cement, with Reliance Logistics reporting that its indirect and direct stakes in the latter have now reached 17.4 per cent.

Lehigh Hanson set to acquire Giant Cement's Keystone plant

27 September 2019, Published under Cement News

HeidelbergCement has announced that its north American subsidiary, Lehigh Hanson Inc, has entered into an agreement to acquire Giant Cement’s (Elementia SAB de CV) Keystone facility in Bath, Pennsylvania. The agreed purchase price for the unit is US$151m cash free and debt free, equivalent to US$137/t of capacity. The plant operates 1.1Mta of cement capacity following a kiln line modernisation in 2009. It supplies the Pennsylvania, New Jersey and New York markets with bulk and bagged Portl...

RHI Magnesita set for Indian consolidation

18 September 2019, Published under Cement News

RHI Magnesita is now in the final stages of consolidating its three Indian arms to become the largest refractory company in the country, with approval from the National Company Law Tribunal (NCLT) expected within a week, according to The Economic Times. The three companies, Orient Refractories, RHI Clasil and RHI India, would all become RHI Magnesita India. "We are in the final stages of consolidating our three arms in India into a single entity. We hope to get the interim approval within ...

San Miguel's acquisition of Holcim Philippines undergoes further review

09 September 2019, Published under Cement News

The Philippine Competition Commission (PCC) is conducting a further review of the US$2.15bn acquisition of Holcim Philippines by San Miguel Corp. As the initial 30-day review of the deal ended on 22 August, the PPC will now proceed to the 60-day Phase Two review. “Cement is a commodity with low product differentiation where brands undergo the same quality standards. While the transaction is national in scope, the initial review shows that geographic markets by region affect retailers and ...

Zhejiang Shangfeng to acquire majority stake in cement producer

02 September 2019, Published under Cement News

China’s Zhejiang Shangfeng Building Materials Co is set to acquire a 65 per cent stake in Ningxia Mingfeng Mengcheng Building Materials Co, a producer of general Portland cement, clinker and special cement. The total value of the deal is CNY196.65m (US$27.76m). After completion, Ningxia Mingfeng is expected to become a holding subsidiary of Zhejiang Shangfeng. The acquisition will reportedly allow Zhejiang Shangfeng to increase the scale of the industry, enrich the product structure and enh...

UltraTech's acquisition of Century Cement to be completed soon

19 July 2019, Published under Cement News

India’s UltraTech Cement has confirmed that it will complete the merger of Century Cement in the second quarter of the FY19-20. The only pending approval which remains for the deal is the transfer of mining leases, which is expected to be completed soon, according to Kumar Mangalam Birla, chairman of the company. "After the completion of the Century Cement transaction, coupled with the on-going capacity expansion, our capacity will be augmented to over 117.35Mta, inclusive of its overseas o...

International Cement fails to receive SGX acquisition approval

24 June 2019, Published under Cement News

International Cement Group (ICG) has failed to receive approval from the Singapore Exchange (SGX) for the complete acquisition of Schwenk Namibia , valued at US$104.4m, according to Business Standard. The exchange has stated that the acquisition does not satisfy a requirement for the target business to be profitable. SGX also noted that ICG does not have sufficient cash resources to fund the acquisition and possibly intends to obtain significant external loans from financial institutions ...

CSL Group set to acquire 50% of Eureka Shipping Ltd

16 May 2019, Published under Cement News

SMT Shipping (SMT) and The CSL Group (CSL) have entered into an agreement for CSL to acquire 50 per cent of Eureka Shipping Ltd, SMT's pneumatic cement vessel business. The new joint venture will allow Eureka and CSL to combine expertise, resources and innovative technologies to expand services to customers in the seaborne cement powder and fly ash transportation markets around the world, according to a press release. CSL's Australian cement shipping business is not included in the joint ...