“We are very pleased with the positive decision of the Federal Trade Commission”, said Dr. Bernd Scheifele, chairman of HeidelbergCement’s managing board. “We are now on track to close the acquisition of the 45% stake in Italcementi which we are planning together with Italmobiliare for the beginning of July.”
The divestment process for the assets in US has already started and significant interest is already said to have been recorded. Citi is mandated as sell side advisor for the disposal.
The planned full acquisition of Italcementi takes place in two steps. With the approvals of the competition authorities now in place, HeidelbergCement will initially acquire a controlling stake of 45% from Italmobiliare. HeidelbergCement will then propose a public mandatory offer to the remaining shareholders for the acquisition of their shares in return for a cash payment. The exact timing of the mandatory offer will be communicated at a later time. HeidelbergCement expects the entire transaction to be completed in H2 2016.
