01 November 2017
Loma Negra to launch initial public offering 01 November 2017
Argentina/US: Loma Negra has set the price of its initial public offering on the New York Stock Exchange. It plans to raise about US$954m from the sale. Most of the proceeds will go to InterCement Brasil, Brazil’s second-largest cement producer, which owns 99% of Loma Negra, according to Reuters. The rest will go to Loma Negra.
Founded in 1926, Loma Negra is vertically integrated cement and concrete company based in Argentina. It also owns a 51% stake in a cement plant in Paraguay.
European Commission clears acquisition of Fels-Werke by CRH 01 November 2017
Germany: The European Commission has approved the acquisition of Fels-Werke by Ireland’s CRH. Fels-Werke is active in mining, processing and distribution of lime and limestone products, gypsum and mortar in Germany, the Czech Republic and Russia. The commission concluded that the proposed acquisition would raise no competition concerns because there is limited geographic overlap between the companies' activities. It described them as ‘remote’ competitors. Fels’ owners Xella agreed to sell the business to CRH in August 2017 for an undisclosed sum.
Bolivian mining group calls for new cement plant 01 November 2017
Bolivia: The mining industry chamber in Tarija wants governor Adrian Oliva to build a new cement plant in Mendez province. The proposal follows confirmation by the National Geology and Mining Technician Service (Sernageomin) of ‘large’ limestone deposits, according to the El País newspaper. Sociedad Boliviana de Cemento (Soboce) currently operates a 0.2Mt/yr plant at El Puente in the same region.
Ethiopian cement producers face security concerns in Oromia 01 November 2017
Ethiopia: Cement producers have faced disruption due to security concerns in Oromia state. Habesha Cement suspended production at its Holeta plant on 24 October 2017 due to youth protestors who occupied the site, according to the Reporter newspaper. The protestors took over the unit and demanded to be given jobs. The cement producer says that has been active in community development projects and has recruitment policy that gives priority to local communities.
In two separate incidents, five trucks belonging to Dangote Cement were set on fire over the last week in other parts of the state. In one of the incidents, at Ambo, 10 people also died during clashes between protestors and the government.