Italy’s Sacci's creditor banks reject Buzzi Unicem's offer

Buzzi Unicem has presented a binding offer to buy the cement and ready-mix concrete units of cement maker Sacci as it pushes ahead with plans to play an active role in the consolidation of the sector in Italy.

In a statement Buzzi said it had offered a provisional price of €74 million to be financed through liquidity on hand and/or existing credit facilities.

Italian cement manufacturer Buzzi Unicem reported a 6.2% year-on-year increase in its turnover to €2.66 billion in 2015.

EBITDA rose 11.9% to €473.2 million, while recurring EBITDA grew 18.3% to €478.8 million.

In addition, net profit grew 6.3% to €128.1 million, while net debt reached €1.03 billion from €1.06 billion.

In the same year, the company saw an 1.7% increase in sales of cement to 25.6 million tonnes.

For 2016 the company expects to post a slight increase in its consolidated recurring

Italian cement and construction material manufacturer Buzzi Unicem has posted a €26.6 million net loss for the first half of 2013, compared to a profit of €18.5 million in the first six months of 2012. The group's turnover dropped by 5.7% to €1.2 billion, while its EBITDA fell from €200.5 million to €150.7 million. The company’s has stated that it expects its results to improve significantly in the second half of the year, although it has downwardly revised its EBITDA margin forecast for 2013 to between 5%