HeidelbergCement €6.7 billion acquisition of Italcementi

Overview:

• HeidelbergCement has completed its acquisition of Italcementi acquiring all remaing shares.
• In July 2015 the company took a 45% stake for €1.67 billion.
• The latest acquisition saw the company acquire 165.37 million shares for €10.60 each, taking its stake to above 96%.
• The deal sees Italcementi de-listed from the Borsa Italia.
• HeidelbergCement is a German building materials producer and employs 63,000 people.
• The deal was cleared after the company sold $660 million of assets in the US.
• For the 45% stake acquisition - Deutsche Bank and Morgan Stanley provided the €4.4 billion financing. Italmobiliare was the selling shareholder.
• The deal has in part come around due to the merger of Holcim and Lafarge with Heidelberg needing to bridge the market share gap.

Sam Duke - Editor