Cement News tagged under: Mergers and Acquisitions

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Fitch: West China Cement's weaker operating results outweighed by Anhui Conch's takeover

18 March 2016, Published under Cement News

Fitch Ratings believes West China Cement Ltd's weaker operations – as reflected in the 2015 results – is outweighed by its pending takeover by Anhui Conch Cement Company Limited (Conch, A-/Stable). Fitch's Rating Watch Positive on WCC is driven by the potential further integration between Conch and WCC, which will be resolved once the transaction is completed. WCC's performance in 2015 was a reflection of the weak cement market throughout the year. Its EBITDA margin narrowed to 26.6 per c...

Indian government clears proposal to amend MMDR Act

14 March 2016, Published under Cement News

The Indian government has cleared a proposal to amend the mines and minerals law (MMDR Act) to allow the transfer of captive mines granted through non-auction routes, which of late has proved to be a stumbling block for two key acquistions in the domestic cement industry. "The cabinet has approved the proposal allowing transfer of captive mines across sectors. We have received various representations from banks and associations saying the amendment will facilitate a number of mergers and ...

Dalmia Bharat to take full control of cement subsidiary

09 March 2016, Published under Cement News

Dalmia Bharat has received approval from the Competition Commission of India to acquire a 15 per cent stake in its subsidiary Dalmia Cement Bharat from private equity firm KKR. Post-acquisition, Dalmia Cement Bharat Ltd (DCBL) will become a wholly-owned subsidiary of Dalmia Bharat Ltd (DBL). “Dalmia Bharat Ltd (DBL) signed a definitive agreement with KKR, under which it will acquire KKR's 15 per cent stake in DCBL in return of KKR getting 8.5 per cent stake in DBL as well as INR6bn [US...

Cementir given antitrust approval for Sacci deal

08 March 2016, Published under Cement News

The Italian Antitrust Authority has approved Cementir’s offer to purchase Sacci Spa's cement and ready-mix concrete business divisions. In a statement released yesterday, Cementir Holding said the Italian watchdog had published its decision not to carry out an investigation into the transaction, thus authorising subsidiary Cementir Italia to proceed with the acquisition. Sacci’s composition with creditors will be submitted to the vote of its creditors at a hearing set by the Court for ...

US Concrete continues expansion in New York Metropolitan area

01 March 2016, Published under Cement News

US Concrete, Inc announced yesterday that it has acquired the assets of Greco Brothers Concrete of LI, Inc (Greco), a ready-mixed concrete producer located in Brooklyn, NY. Greco currently operates two ready-mixed concrete plants and a fleet of 37 mixer trucks. The assets of Greco will be integrated into US Concrete’s existing New York operation, Ferrara Bros, LLC (Ferrara Bros).   Greco has an established and respected market presence in the New York metropolitan area with approximately 60 ...

Reliance Infrastructure to sell cement arm to Birla Corp

05 February 2016, Published under Cement News

Reliance Infrastructure (RInfra) has signed a share purchase agreement with Birla Corp to sell 100 per cent in Reliance Cement Company (RCCPL). The deal values cement business of RInfra at INR48bn. Under the transaction, Birla Corporation will acquire the 100 per cent shareholding of RInfra in RCCPL. The deal is still subject to approval by the Competition Commission of India, among others. Reliance announced back in November that it would be divesting of its cement and roads segmen...

LafargeHolcim considering revised divestment plan in India

04 February 2016, Published under Cement News

LafargeHolcim confirmed today that it is considering a divestment of its interest in Lafarge India with a cement capacity of around 11Mta. The divestment would require the approval of the Competition Commission of India (CCI) as an alternative remedy for the merger of the group’s legacy companies. The company said  in a statement that it is no longer in discussion with Birla Corporation Limited (BCL) for the sale of the Jojobera and Sonadih cement plants in eastern India announced last yea...

India: Birla Corp reportedly front-runner for Reliance assets

01 February 2016, Published under Cement News

Birla Corp Ltd is set to buy the cement assets of Reliance Infrastructure Ltd with the deal set to be sealed within the next few days, according to local media reports. “It will be signed formally in the coming days,” said one of the two people cited above. “Even though discussions took nearly a month’s time to finalise, other contenders weren’t really considered for the sale,” LiveMint reported sources familiar with the matter as saying. Birla Corp’s bid for Reliance Cement Co Pvt Ltd’s a...

Jaiprakash reportedly receives four bids for cement business

27 January 2016, Published under Cement News

Jaypee group-promoted Jaiprakash Associates has received four bids for the 20Mta of cement capacity that it has put up for sale to reduce its debt burden. A report in the Business Standard of India said the bidders include global private equity firm KKR, and domestic players UltraTech and Dalmia Bharat Cement. Units reported to be up for sale included the 2.2Mta Bhilai cement plant joint venture between Jaiprakash Associates (74 per cent) and Steel Authority of India Ltd (24 per cent) – ...

Russian Sberbank gets 6% of LH from Eurocement in repurchase deal

25 January 2016, Published under Cement News

Sberbank CIB, the investment banking arm of Russian lender Sberbank, announced on Friday it now holds six per cent of LafargeHolcim following a repurchase deal with Russian Eurocement Holding. Under the terms of the agreement, the investment arm had organised financing for Eurocement Holding AG in return for 37m shares in LafargeHolcim. Eurocement has the right to buy back the shares at a specific price and on a certain date. The agreement was implemented on 21 January, the statement sa...