Displaying items by tag: Italy
Buzzi Unicem makes binding bid for Sacci units
15 September 2015Italy: Buzzi Unicem has presented a binding offer to buy Sacci's cement and ready-mix concrete units as it pushes ahead with plans to play an active role in the consolidation of the construction materials sector in Italy, according to Reuters. In a statement, Buzzi said that it had offered a provisional price of Euro74m to be financed through liquidity on hand and / or existing credit facilities. A further variable outlay is expected on top of the original commitment, which will be worth no less than Euro25m. This variable outlay is connected to certain future events, most importantly the core earnings, earnings before interest, taxes, depreciation and amortisation (EBITDA), posted in Italy in the next four years.
Italy: Italcementi aims for 10% of its sales to be covered by innovative products in 2020, compared with 6.5% in 2014 and 1.5% in 2005, CEO Carlo Pesenti said during the conference for the presentation of biodynamic cement, which was used for the construction of the Expo 2015 building.
Germany/Italy: Italcementi's CEO Carlo Pesenti said that the acquisition of Italcementi by HeidelbergCement is expected to be completed in the first half of 2016, according to Dow Jones. September 2015 will be dedicated to speaking to European and national regulators to receive approval for the deal. Pesenti said that he will join the supervisory board of HeidelbergCement and plans to keep an active role in the company.
Italy: HeidelbergCement rushed to buy control of Italcementi after fears that Nigeria's Dangote Cement also showed interest in the Italian cement maker, according to PM News. It has been reported that Dangote did not make a formal offer for Italcementi.
Carl Franklin, head of investor relations at Dangote, said that the company did not comment on specific rumours, but said that "As a large company we examine all options for growth." HeidelbergCement has not commented on whether it had faced competition from Dangote.
According to unnamed sources, the talks between HeidelbergCement and Italcementi began four months ago.
Italcementi chief executive Carlo Pesenti told local media that the deal was 'bulletproof' and there was no space for counter offers. The only outstanding condition was clearance from antitrust authorities. "If it wasn't for the antitrust approval, the shares would have already changed hands," said an unnamed source.
Having already agreed to acquire a 45% stake of Italcementi, HeidelbergCement plans to obtain as many of the remaining shares as possible in the upcoming mandatory buy-out offer, then squeeze out the remaining shareholders and make Italcementi privately-owned.
Italy: Italcementi has reported a profit of Euro3.8m in the first half of 2015 compared to a loss of Euro79m in the same period of 2014. Its revenue rose by 6% to Euro2.17bn, while earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 5% to Euro324m. The company expects a slight improvement in operating results in the entirety of 2015.
Italy: The takeover by HeidelbergCement of Italcementi 'represents a form of military occupation,' according to political party Northern League leader Matteo Salvini on 29 July 2015.
In an interview with the League's radio station Padania Salvini, which is strongly opposed to European integration and the common currency, Salvini said that the HeidlebergCement purchase fit with the wider strategy of what he suggested was a 'German-led Eurozone takeover of Italy.'
"What the Germans were not able to do with tanks and with the Brownshirts, they're now able to do thanks to Soviet Europe," said Salvini during the radio call-in programme. "If these were free choices by free-market entrepreneurs, there would be no question. If they are chosen as constricted subsidiaries, in a Europe with a currency assembled to help the Germans, then they are part of a strategy of military occupation."
Italy: Trading in Italcementi was suspended due to an excessive rise on 29 July 2015 after the announcement on 28 July 2015 that German rival HeidelbergCement was buying a controlling stake of 45% at a price of Euro10.60/share, according to ANSA. The share price, which closed at Euro6.59, would have shot up by 50.9%, but trading was suspended.
Sika acquires Addiment Italia from Buzzi Unicem
01 July 2015Italy: According to Dow Jones, Sika has acquired the remaining shares of the Italian-based Addiment Italia from its joint venture partner Buzzi Unicem. Addiment Italia, founded in 2003, is active in the production and sale of concrete admixtures and cement grinding aids. The transaction will strengthen Sika's production set up in Italy and increase its market presence. Addiment Italia generated sales of Euro14m in 2014.
"The cooperation between Buzzi Unicem and Sika as joint venture partners of Addiment Italia has continued effectively for more than twelve years, with good understanding of the common goals and management decisions that led to great results for both employees and shareholders. We hope that our future business relationship will continue with the same long-lasting success," said Buzzi Unicem's co-CEO Pietro Buzzi.
"The acquisition will allow us to further build upon the successful partnership between Buzzi Unicem and Sika in the admixture business worldwide and strengthen the operational footprint in Italy. We welcome the new employees on board and look forward to developing the business together," said Paul Schuler, EMEA (Europe, the Middle East and Africa) region head.
Italy: Cementir Holding has reported a pre-tax profit of Euro3.8m in the first quarter of 2015 compared with a pre-tax loss of Euro1.8m in the same period of 2014. Revenues fell by 0.9% to Euro205m. Earnings before interest, tax, depreciation and amortisation (EBITDA) declined by 1.6% to Euro24.2m. Net financial debt widened to Euro326m at the end of March 2015 from Euro278m at the end of 2014. For the entire 2015, Cementir expects an EBITDA of some Euro190m and a net financial debt of around Euro230m.
Italy: Cementir Holding has appointed Francesco Caltagirone Jr as Chairman and chief executive officer (CEO), Carlo Carlevaris as Vice Chairman and Riccardo Nicolini as General Manager. Paolo Di Benedetto has been appointed as 'Lead Independent Director'. Chief financial officer Massimo Sala has been appointed as the corporate accounting documents officer for 2015.
The board of directors at Cementir have also established the following internal committees.
Executive Committee: Francesco Caltagirone Jr (Chairman), Mario Delfini and Riccardo Nicolini.
Control and Risk Committee: Paolo Di Benedetto (Chairman), Veronica De Romanis and Chiara Mancini.
Nominations and Compensation Committee: Paolo Di Benedetto (Chairman), Veronica De Romanis, Chiara Mancini and Mario Delfini.