HeidelbergCement is selling assets in Belgium to Cementir Holiding for €312 million as part of the German building materials’ giant’s acquisition of Italcementi.
The deal involving the sale of Italcementi’s Belgian subsidiary Compagnie des Ciments Belges is being handled by Heidelberg Cement subsidiary Ciments Français, with Aalborg Portland Holding, a subsidiary indirectly 100% controlled by Cementir Holding, the buying party.
The sale was committed to the European Commission in order to address comp
July 25, 2016
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674 HeidelbergCement is selling assets in Belgium to 1909 Cementir Holiding for €312 million as part of the German building materials’ giant’s acquisition of 726 Italcementi.
The deal involving the sale of Italcementi’s Belgian subsidiary Compagnie des Ciments Belges is being handled by Heidelberg Cement subsidiary 5068 Ciments Français, with 7725 Aalborg Portland Holding, a subsidiary indirectly 100% controlled by Cementir Holding, the buying party.
The sale was committed to the European Commission in order to address competition concerns caused by the Italcementi acquisition. Expected to be concluded at some point in H2 2016, the sale is subject to the approval of the European Commission.
“With the disposal of the Belgium assets we fulfil the obligation of the European Commission and improve the net financial position of HeidelbergCement after the acquisition of the 45% share in Italcementi,” said Dr. Bernd Scheifele, chairman of the managing board of HeidelbergCement. “We are well on track to reach our target of at least €1 billion of proceeds from disposals.”
