France: Italcementi has set the final price for the buyout offer targeting the minority holdings in its French arm Ciments Français SA at Euro79.50/share, excluding dividend.

Italcementi, which currently owns 83.83% of the share capital and 91.03% of the voting rights of Ciments Français, has increased the bid by Euro3.00/share from the Euro78.00/share announced on 6 March 2014, which included a dividend of Euro1.50/share.

The price was boosted after taking into consideration the assessment by Ciments Français and its advisor, FINEXSI, the revised growth projections of the group and recent industry developments. The bid, which is in line with a drive to increase Italcementi's capital and streamline the group's structure, is to be launched in June 2014 and has a maximum total counter-value of some Euro463.5m. Italcementi will use proceeds from a capital hike of up to Euro500m to bankroll the offer.

Ciments Français' board noted that the price is deemed fair by the advisor and is in the high-end of the established valuation range. Moreover, the move is seen to allow Ciments Français to conduct its operations more efficiently, the board added. In the event that Italcementi builds a stake of at least 95% through the tender offer, it would initiate, within three months from the completion of the bid, a squeeze-out procedure for the rest of the shares at the offer price.