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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