ITALCEMENTI, MILAN (AND PARIS) REWARD THE WEDDING
PESENTI SELLS UNICREDIT AND MEDIOBANCA. BUT NOT RCS
The wedding, in 2009, was off due to the opposition of a small nucleus of bondholders. This time, to avoid surprises, Carlo Pesenti has changed his strategy: no merger between Italcementi and Ciments Français, as envisaged by the scheme of five years ago, but a cash offer to the minority shareholders of the Parisian subsidiary of the Bergamo-based multinational, as suggested by Mediobanca, once again the architect of the Italmobiliare group's choices.
The marriage between the two companies, which should allow for 200 million cost savings, involves three stages: a) the mandatory conversion of Italcementi savings shares into ordinary shares according to a conversion ratio of 0,65 ordinary for each savings; b) a paid capital increase of Italcementi for a maximum of 450 million, guaranteed by a guarantee consortium led by Mediobanca and Unicredit; c) a voluntary tender offer, scheduled for the month of June, on Ciment Francais shares at a price of 78 euros per share and aimed at the delisting of the subsidiary from the Paris Stock Exchange.
The project was welcomed by the Stock Exchange: Italcementi shares rise +1,93%, the savings share explodes +15,09%, for which mandatory conversion is envisaged. Even in Paris, Ciments Français shareholders +12,28% uncork the champagne: the price, 77,85, is still below the offer price.
To finance the operation, Carlo Pesenti said this morning in the meeting with the operators, Intalmobiliare, the parent company of the group, is ready to sell the shares in UniCredit and those in Mediobanca on the market not bound by the agreement to obtain an additional liquidity cushion to participate in the capital increase of Italcementi. “Italmobiliare's commitment – he explained – is 125 million net against a positive net financial position of over 170 million euro. We have recreated the liquidity buffer which we will try to expand by possibly divesting some stakes". In particular, you added, "we have free UniCredit and Mediobanca shares that we will be able to take to the market to recreate this buffer".
On the contrary, at the moment the company will not divest the stake in RCS.
Ma heavy, recently released from the RCS board of directors, at least for or , he will not sell his remaining stake in the publishing group. "We will not divest for now," he said. Italmobiliare owns around 0,2% of UniCredit and just under 1% of Mediobanca released from the shareholders' agreement. The stake in RCS is equal to 3,82%.
