Cement News tagged under: Mergers and Acquisitions

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ACC to consider merger with Ambuja Cement

08 May 2017, Published under Cement News

The Board of Directors of ACC, at its meeting on Friday, decided to commence an evaluation of a potential merger with Ambuja Cement. Both Indian cement concerns are part of the LafargeHolcim group. The move is being considered "with a view to combine the strengths of both businesses so as to benefit all stakeholders," ACC said in a statement. A special committee of directors, of which the majority are independent directors, has been installed to commence the evaluation. "No decision ...

Boral receives final approval for Headwaters acquisition

05 May 2017, Published under Cement News

Australian building materials supplier Boral has received final US approval for its US$2.6bn (AUD3.5bn) acquisition of US firm Headwaters Inc. The US Federal Trade Commission approved the deal, which will result in Headwaters merging with Boral's existing US business to create a new division called Boral North America. Boral expects that the transaction will close within two business days, and the Headwaters financial results will be consolidated from this time. Commenting on the deal, ...

US Concrete acquires aggregates operation in New Jersey

11 April 2017, Published under Cement News

US Concrete Inc announced yesterday that it has strengthened its aggregates capacity and ability to supply its New York City ready-mixed concrete operations by acquiring the assets of Corbett Aggregates Companies LLC, a provider of concrete sand located in Quinton, New Jersey. The acquisition furthers US Concrete's vertical integration strategy and self-sufficiency in internal aggregates consumption, the company noted. Corbett features approximately 401 acres of land with over 35Mt of pr...

Pakistan: Bestway Cement shelves plans to acquire Dewan Cement

10 April 2017, Published under Cement News

Bestway Cement has announced it has shelved plans to acquire the North plant of Dewan Cement in Pakistan. “As a result of delay and uncertainty resulting from recent legal proceedings initiated in the Sindh High Court, Bestway Cement Limited has decided not to proceed with the acquisition of the north plant of Dewan Cement Ltd located at Kamilpur, near Haripur, Khyber Pakhtunkhwa,” the company said in a notice issued to the Pakistan Stock Exchange. Bestway did not cite the reason for its...

India: Orient and JP deal reportedly in final stages

05 April 2017, Published under Cement News

Orient Cement's plan to acquire certain assets of the Jaypee Group is in the final stages and completion of the deal could be announced shortly, according to local media. Citing sources familiar with the development, 'Moneycontrol' reported today that management of both Orient and the Jaypee Group are due to meet this week to discuss last-minute details of the deal. In October 2016, the two companies announced that Orient Cement Would acquire Jaiprakash Associates’ entire stake in Bhil...

EU reportedly set to block HeidelbergCement, Schwenk's Cemex Croatia deal

29 March 2017, Published under Cement News

EU antitrust regulators are set to block HeidelbergCement and Schwenk's joint bid for Cemex's Croatian unit barring a last minute change of mind, Reuters reports. The European Commission, which opened an investigation into the deal in October last year, has not been convinced so far by the companies' offer to lease a terminal on the Dalmatian coast to a rival to address its concerns, the news agency reported citing two source familiar with the matter. The EU competition authority has said ...

South Korea: preferred bidders named in US$567m Hyundai deal

17 February 2017, Published under Cement News

Hanil Cement Company and LK Investment Partners have been named as the preferred bidders to acquire Hyundai Cement, reports South Korea's Pulse. The two firms submitted a bid of KRW650bn (US$567m) for an 84.56 per cent stake in Hyundai. The acquisition would make Hanil Cement the largest producer in South Korea, with a market share of more than 30 per cent. The bid values Hyundai at nearly 60 per more than its current market capitalisation of KRW486bn. A final deal is expected to be si...

PCC and AfriSam in merger talks

13 February 2017, Published under Cement News

PPC is in merger talks with its nearest competitor, AfriSam Group, seeking to overcome valuation disagreements that prevented the completion of previous tie-up efforts, according to Reuters. AfriSam first proposed the merger in 2014, when infighting between the PPC board and its former CEO has put downward pressure on PPC’s share price. However, shares in PPC have performed significantly better, increasing by a third this year to date. The cement producer is valued at about ZAR11bn (US...

India: JSW Cement takes 37% stake in Shiva Cement

12 January 2017, Published under Cement News

JSW Cement has bought out the promoters of Odisha-based Shiva Cement, acquiring 37.15 per cent of the latter’s equity, the Economic Times reports. "The share purchase agreement has been executed with JSW Cement Ltd, for sale of shares held by the promoters of the company," Shiva Cement said in a stock exchange filing. JSW has also made an open offer to acquire a further 32 per cent of publicly held shares in Shiva – a majority stake. Shree Cement had also been in the running to acqu...

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...