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

MILAN, July 28 (Reuters) – Italmobiliare and HeidelbergCement have reached an agreement for the acquisition of a 45% stake in Italmobiliare Italcementi at a price of 10.60 euro per share.

He says a note of Italmobiliare adding that the price represents a premium of 70.6% compared to the price 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% – through reserved capital increase – which corresponds 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 670 million-870 million of euro cash, depending on the amount held in HeidelbergCement.

The new group can count on a total production capacity of about 200 million tons of cement, 275 million tons of aggregates and 49 million cubic meters of concrete, with pro forma 2014 revenues of approximately € 16.8 billion achieved in more than 60 countries represented in 5 continents, said the note.

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

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