HeidelbergCement close to Italcementi takeover

Company achieves high acceptance rate in mandatory tender offer for remaining Italcementi shares 

HeidelbergCement say they achieved a high acceptance rate in their mandatory tender offer of €10.60 per share to the remaining shareholders of Italcementi.

According to provisional results, 165,371,229 Italcementi shares had been tendered by the end of the subscription period on 30 September 2016.

In addition, HeidelbergCement purchased 14,000,000 Italcementi shares outside the offer on the stock exchange.

Together with the 45% stake already acquired from Italmobiliare on 1 July 2016, the tendered and acquired shares amount to 336,543,036 shares, equal to 96.356% of the share capital and voting rights of Italcementi.

As HeidelbergCement now hold a stake greater than 95%, they have the right to purchase the remaining 12,727,644 shares not yet tendered in the offer, at the same consideration of €10.60 per share.

‘We are very glad that our offer for the outstanding Italcementi shares was successful,’ said Dr Bernd Scheifele, chairman of the managing board of HeidelbergCement. ‘This is a major step forward to the completion of the Italcementi takeover.

‘Next, we’ll make use of our right to acquire the remaining shares of Italcementi. Due to the high acceptance rate, we can quickly go ahead with the integration of Italcementi and realization of synergies.’

HeidelbergCement expect the entire transaction to be completed before the end of this month.