German cement manufacturer
It is reported that in particular, Heidelberg expects to cut €115 million of general and administrative costs; €70 million of IT costs and other purchases; €105 million of tax costs, and €110 million of logistics costs.
It has also been confirmed that as soon as Heidelberg is given the approval by all relevant authorities, it will carry out the acquisition of a 55% stake in Italcementi.
The takeover has already been approved by Kazakhstan, Morocco, Canada and India's anti-trust authorities, while it is still pending the approval of the European Commission and of the US anti-trust authority.
The operation is expected to be finalised by the end of June 2016, and completed by the end of September 2016.
Heidelberg is to be allocated a bridge credit line worth slightly less than €2 billion for the acquisition of Italcementi at a price of €10.6 per share.
