Italy: Italcementi's shareholders approve share conversion

Shareholders in the Italian cement company Italcementi have approved the conversion of savings shares into ordinary shares, which is a key part of the company's reorganisation. There will be no capital reduction but the share conversion will lead to a capital increase of €450 million and a takeover bid on minority stakes in Ciments Français. Italmobiliare will see its share fall from 61% to 45% and will also invest around €200 million in Italcementi.
April 11, 2014 Read time: 1 min

Shareholders in the Italian cement company 726 Italcementi have approved the conversion of savings shares into ordinary shares, which is a key part of the company's reorganisation.

There will be no capital reduction but the share conversion will lead to a capital increase of €450 million and a takeover bid on minority stakes in 5068 Ciments Français.

Italmobiliare will see its share fall from 61% to 45% and will also invest around €200 million in Italcementi.

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AMF approves Italcementi's simplified tender for Ciments Français

The French financial markets authority (AMF) has approved the simplified tender offer from Italian cement group Italcementi for French construction materials group Ciments Français.
Currently, Italcementi holds 29,997,248 Ciments Français (CF) shares, representing 84.48% of the capital and 91.38% of the voting rights. The Italian firm is committed to acquiring the remaining 5,510,801 shares in CF that it does not already hold (15.52% of the capital and 8.62% of the voting rights) at a unit price of €79.50.

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