Green light for Italcementi acquisition
European Commission provides clearance for proposed acquisition of Italcementi by HeidelbergCement
HeidelbergCement have received clearance from the European Commission for the acquisition of Italcementi SpA. The proposed divestment of operations in Belgium, primarily consisting of Italcementi’s Belgian subsidiary Compagnie des Ciments Belges SA (CCB), which addresses the competition concerns in Europe, was accepted by the European Commission.
‘We are very pleased with the positive decision of the European Commission’, said Dr Bernd Scheifele, chairman of the managing board of HeidelbergCement (pictured). ‘This decision is an important milestone on our way to the full acquisition of Italcementi.’
HeidelbergCement say the divestment process for the assets in Belgium has already started and significant interest in the fully vertically integrated market positions in the country has been recorded.
The decision of the US regulator, the Federal Trade Commission (FTC), is still pending.
In July 2015 HeidelbergCement entered into a stock purchase agreement with Italmobiliare SpA regarding the acquisition of a 45% shareholding in Italcementi for approximately €1.67 billion in cash and shares.
Following closing of the stake purchase, which is expected later this year, HeidelbergCement will launch a mandatory public takeover offer to all remaining shareholders of Italcementi in a move that will value 100% of Italcementi’s equity at around €3.7 billion.
HeidelbergCement say the acquisition is a unique opportunity to accelerate their growth, adding a valuable portfolio of assets with a perfect geographical fit to the existing footprint of the Group.
Italcementi have extensive reserve positions in cement and aggregates and operate a portfolio of assets across 22 countries, with strong market positions in France, Italy, the US and Canada, and emerging market positions with high growth potential in India, Egypt, Morocco and Thailand.
The combination of HeidelbergCement with Italcementi will create the global market leader in aggregates, the second largest producer of cement and the global number three in ready-mixed concrete.
