HeidelbergCement acquires 45% Italcementi, will launch a tender offer 10.60 euro – Reuters Italy

       

MILAN, July 28 (Reuters) – HeidelbergCement Italmobiliare and have reached an agreement for the acquisition of a 45% stake in Italmobiliare Italcementi at a price of 10 , 60 Euros per share.

       

He says a note of Italmobiliare adding that the price represents a premium of 70.6% over the weighted average market price in the last three months, for a total value of 1.666 billion euro.

       

After closing the deal, HeidelbergCement will be required to launch a takeover bid for the remaining capital required for cash Italcementi at the same price paid to Italmobiliare.

       

The agreement also provides for the allocation to Italmobiliare, as part of the purchase of a stake in HeidelbergCement, choice of Italmobiliare, between about 4% and 5.3% – by increase reserved capital – which equates to a value of 560 and 760 million Euros. With this participation Italmobiliare will become the second largest shareholder of Industrial HeidelbergCement, with a representative on the supervisory board.

       

Italmobiliare, in the same operation, agrees to buy Italcementi activities in the field of renewable energy (Italgen) and nell’eprocurement (BravoSolution), plus some properties.

       

At the closing of the transaction, Italmobiliare will have approximately EUR 670 million-870 million of cash, depending on the amount held in HeidelbergCement.

       

The new group will consist of a total production capacity of about 200 million tons of cement, 275 million tons of aggregates and 49 million cubic meters of concrete, with a pro forma turnover in 2014 of about 16.8 billion euro made in more than 60 countries represented in 5 continents, said the note.

       

The transaction is subject to approval by the antitrust authorities is expected by 2016.

       

HeidelbergCement announced that the acquisition will be made through a bridge loan of 4.4 billion. More …