Italcementi is on the verge of launching a voluntary public purchase offer on the subsidiary's shares French cements, in line with the capital strengthening and simplification plan of the Group structure approved on 6 March. This was announced by the company itself in a statement.
Italcementi's board of directors set the unit price of the takeover bid at 79,5 euros per share, with a premium of around 23,6% compared to the French company's stock market price on March 5, the day before the announcement of the operation.
To finance the takeover bid, the Italian building materials company will resort to a capital increase up to a maximum of 500 million. The board of directors of Cda Ciments Français has already given a favorable opinion on the terms of the operation.
In the meantime, by mid-morning, Italcementi shares were hovering around parity.
