Italy’s Buzzi Unicem makes binding bid for Sacci

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.
September 16, 2015 Read time: 2 mins

1451 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.

A further variable outlay is expected on top of the original commitment which will be worth no less than €25million, Buzzi said.

This variable outlay is connected to certain future events, most importantly the core earnings, the core earnings, EBITDA, posted in Italy over the next four years.

Buzzi Unicem’s binding offer for its Italian peer company is for five cement production plants (Livorno, Tavernola Bergamasca, Castelraimondo, Cagnano Amiterno and Greve in Chianti) as well as for three inactive terminals (Vasto, Manfredonia, Ravenna) and for 27 facilities for the production of ready-mixed concrete.

The offer will be valid and binding until 31 March 2016 providing that Sacci uses it by 21 September 2015 as part of its court application for a composition with creditors.

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