Cement News tagged under: Mergers and Acquisitions

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Shareholders approve CCNN-Obu merger

06 December 2019, Published under Cement News

Shareholders of Cement Co of Northern Nigeria (CCNN) and Obu Cement Co have unanimously approved the merger of the two entities into Obu Cement plc. This implies that all the assets, liabilities, licences and undertakings of CCNN, including employees, real property and intellectual property right, have been transferred to Obu Cement. Also, the entire issued share capital of CCNN, comprising 13,143,500,966 ordinary shares of 50 kobo each be cancelled and CCNN be dissolved without being woun...

Cemex reportedly looks to sell stake in Louisville plant

22 November 2019, Published under Cement News

Cemex is reportedly looking for a buyer for its controlling interest in the Kosmos cement plant in Louisville, Kentucky, USA. The company is working with Bank of America Corp and Citigroup Inc on the sale of its 75 per cent stake, said the unnamed sources for El Financiero. The remaining stake in the company is owned by Buzzi Unicem. The sources also noted that no definitive decisions have been made and the deliberations may not lead to a transaction.

Birla Corp acquires stake in AMP Solar Clean Power

21 November 2019, Published under Cement News

Birla Corp and RCCPL, its wholly-owned subsidiary, have acquired 26 per cent ownership (7.8 per cent and 18.2 per cent, respectively) of AMP Solar Clean Power. Birla Corp is planning to purchase solar power for its grinding units in Raebareli, Uttar Pradesh, (Raebareli Cement Works and Raebareli Hitech Cement) and RCCPL’s Kundanganj grinding facility. This will be achieved under the group’s captive scheme that stipulates at least a 26 per cent participation in the equity capital of the so...

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...