Cement News tagged under: Mergers and Acquisitions

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Vulcan sells cement assets to Cementos Argos

24 January 2014, Published under Cement News

Vulcan Materials has agreed the sale of all of its cement activities, as well as certain downstream assets, to Cementos Argos for US$720m in cash. The deal, which is still subject to formal approval, is expected to be completed later during the first quarter. Vulcan will continue to supply aggregates to the assets being sold for a period of 20 years. The assets being deposed of consist of the Newberry, Florida, cement works and cement terminals and griding works at Tampa and at Port Manat...

Semen Indonesia in joint venture talks

24 January 2014, Published under Cement News

Semen Indonesia is in early talks to establish joint ventures with three potential partners, the company’s president director, Dwi Soetjipto, has revealed. Speaking to local press, Dwi said that three investors have “declared their interest to create joint ventures with Semen Indonesia,” including investors from Indonesia and overseas. Indonesia’s leading cement producer is still reviewing the proposals and has yet to make a decision on whether the partnerships would be the right strat...

Egyptian court accepts Assiut appeal

21 January 2014, Published under Cement News

An Egyptian court has accepted an appeal by Assiut Cement, overruling a decision to annul an agreement under which Cemex acquired a controlling stake in the Egyptian unit. The case has now been referred to an administrative court, a Cemex official has said. In 1999, Cemex bought a controlling stake in Assiut Cement from Egypt’s state-owned Metallurgical Industries Holding Co as part of the government's wider privatisation drive at the time. Two former Assiut employees, who were among wo...

UK regulator demands domestic shake up

17 January 2014, Published under Cement News

The structure and conduct of the UK cement sector restricts competition, costing consumers around GBP50m annually, and therefore requires decisive market intervention, according to the conclusions of the two-year investigation by the UK’s Competition Commission published this week. The investigation did not, however, identify any problems with the markets for aggregates or RMC. The Commission’s report sets out a series of remedies it claims will increase competition in an effort to provide...

CRH full-year development spend

07 January 2014, Published under Cement News

CRH announced a total of seven acquisitions and investment initiatives in the second half of 2013, taking full-year development activity to EUR0.69bn. The company invested EUR0.22bn in the six months to the end of December last year, including one transaction in Asia, three under its American Materials division and a further three in its Distribution segment. Commenting on the these developments, CRH’s new chief executive Albert Manifold said: “Development spend of almost EUR0.7bn in 2013...

EC rejects request by Germany to review deal

07 January 2014, Published under Cement News

The European Commission (EC) has rejected a request from Germany to refer the planned acquisition of Cemex West by Holcim to the German competition authority for assessment under national competition law. The EC concluded that the geographic scope of the affected cement markets is wider than national and that therefore the Commission cannot refer the assessment of the transaction to Germany. The commission has until 31 March 2014 to take a final decision. In the proposed transaction Holc...

HeidelbergCement completes the sale of Raigad grinding unit

06 January 2014, Published under Cement News

HeidelbergCement India has completed the sale and transfer of its cement grinding facility situated at Raigad in state of Maharashtra to JSW Steel, as a going concern on slump sale basis. JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.

AVIC completes takeover offer for KHD

30 December 2013, Published under Cement News

AVIC International Beijing Company announced on Friday the successful completion of a voluntary public takeover offer for shares in German equipment supplier KHD Humboldt Wedag. The takeover offer was conducted jointly by an indirectly wholly-owned subsidiary of AVIC International Beijing Company Ltd and three other bidders.  AVIC International Beijing said it bought a 40.465 per cent stake in KHD via a voluntary public takeover offer and acquired an additional 19.03 per cent from indi...

Pakistan: Lahore Stock Exchange delists Mustehkam Cement after Bestway merger

27 December 2013, Published under Cement News

Lahore Stock Exchange has delisted Mustehkam Cement as the company merges with Bestway Cement on 26 December. The move finalises a process that saw Mustehkam Cement shareholders approve the merger last May with the Islamabad High Court following suit on 30 September 2013.

CCI approves UltraTech acquisition of Jaypee’s Gujarat assets

24 December 2013, Published under Cement News

The Competition Commission of India (CCI) has given UltraTech Cement the green light to purchase Jaypee's cement facilities in Gujarat. The CCI order, released on Monday, said that the “proposed combination is not likely to have an appreciable adverse effect on competition in India". The deal, which was announced in September this year, will strengthen UltraTech's leading position in the Indian market and give it a foothold in the state of Gujarat. The acquisition comprises an integrated c...