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Displaying items by tag: Bid

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National Company Law Tribunal approves Dalmia Bharat’s offer for Mulri Industries with conditions

10 July 2019

India: The National Company Law Tribunal (NCLT) in Mumbai has approved Dalmia Bharat’s offer for debt-laden Murli Industries, subject to conditions intended to stop the company going into liquidation. The tribunal has given Dalmia Bharat until 12 July 2019 to decide if it wants to proceed, according to the Economic Times newspaper. The conditions include forcing the buyer to reinstate lapsed mining leases related to Murli Industries itself and removing clauses allowing Dalmia Bharat to modify or withdraw its plans at any stage. Dalmia Bharat bid around US$60m to buy Murli Industries’ 3Mt/yr cement plant in Maharashtra in late 2017.

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LafargeHolcim reportedly interested in BASF Construction Chemicals

04 July 2019

Germany/Switzerland: LafargeHolcim has reportedly placed a bid for BASF Construction Chemicals, according to sources quoted by Bloomberg. The cement producer has reached the second round of the bidding processing, along with companies including Bain Capital, Cinven and Standard Industries. The auction of the subsidiary of BASF that produces admixtures, mortars and grouts is expected to reach as much as Euro3bn. LafargeHolcim chief executive officer (CEO Jan Jenisch said in May 2019 that the company is considering at least 10 bolt-on assets purchases for 2019.

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Range of companies linked to Holcim Philippines sale

11 March 2019

Philippines: Companies including Japan’s Taiheyo Cement, Thailand’s Siam City Cement and China’s Anhui Cement have been linked to the sale of Holcim Philippines. Local companies include Eagle Cement and DMCI Group, according to sources quoted by the Philippine Star. Non-binding offers were have been submitted in February 2019 but it is not clear which companies were involved. However, no agreement has been reached on price yet. LafargeHolcim has reportedly looking at selling its business in the Philippines as part of a review of its operations in South-East Asia.

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Eagle Cement rebuts rumours of bid for Holcim Philippines

05 March 2019

Philippines: Eagle Cement says that it is not involved in any discussion for the acquisition of Holcim Philippines. However, it did say that its chairman Ramon S Ang had expressed interest in a potential purchase of the subsidiary of LafargeHolcim. Eagle Cement made the announcement following local media reports that Ang had formally submitted a bid to buy Holcim Philippines. In January 2019 LafargeHolcim was said to be to be considering selling its business in the country.

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ARM Cement extends offer deadline to mid-March

05 March 2019

Kenya: ARM Cement has extended its bidding period to mid-march 2019 following requests by potential buyers. Administrator PricewaterhouseCoopers (PwC), which took over the cement producer in August 2018, originally set the deadline to the end of February 2019, according to the Business Daily newspaper. Bidders have asked for a longer period to complete due diligence tests and decide what they think the value of the company is.

14 companies have already made non-binding bids for the cement producer. These will later be shortlisted before a winning bidder is selected. No bidders have publicly been announced but Nigeria’s Dangote Cement and Oman’s Raysut Cement are believed to be interested, according to local media.

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Supreme Court backs National Company Law Appellate Tribunal on UltraTech’s bid for Binani Cement

20 November 2018

India: The Supreme Court has upheld a decision by the National Company Law Appellate Tribunal (NCLAT) to approve a revised US$1.11bn bid for Binani Cement. The court rejected a challenge by Rajputana Properties, a subsidiary of rival bidder Dalmia Bharat group, according to the Hindu newspaper. UltraTech Cement made a direct bid for the bankrupt Binani Cement following an auction in March 2018 that was originally won by Dalmia Bharat. Dalmia Bharat disputed UltraTech Cement’s offer and the two companies have conducted legal campaigns to reinforce their respective claims.

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Quebec government approached about equity-debt swap in McInnis Cement

19 November 2018

Canada: Quebec's Ministry of Economy and Innovation has confirmed that it has received a request from the shareholders of McInnis Cement to swap the debt the province holds in the venture for equity. A request has been made to the ministry and to Investissement Québec, the provincial government's investment arm, to convert almost US$200m of debt into shares in the cement producer, according to the Globe and Mail newspaper. The newspaper speculates that an arrangement of this kind could be part of a potential deal with creditors to reduce the company’s liabilities and enable it to continue to operate.

McInnis Cement’s plant at Port-Daniel–Gascons was inaugurated in mid-2017. Construction at the site started in mid-2014. However, cost overruns saw the government-backed project delayed and then taken over by an investor, the Caisse de dépôt et placement du Québec (CDPQ), a pension and insurance fund manager. The CDPQ was reportedly considering options including selling the plant or securing more investment in early 2018. Three bids were made for the cement producer but were rejected as being too low, according to reporting by the Globe and Mail. Interested parties in the company included Germany’s HeidelbergCement.

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National Company Law Appellate Tribunal approves UltraTech Cement’s bid for Binani Cement

14 November 2018

India: The National Company Law Appellate Tribunal (NCLAT) has approved a revised bid by UltraTech Cement for Binani Cement. The tribunal approved UltraTech’s resolution plan and said that the plan submitted by Rajputana Properties, a subsidiary of rival bidder Dalmia Bharat group, was ‘discriminatory’ against some financial creditors, according to the Press Trust of India. In July 2018 the Supreme Court transferred all matters related to corporate insolvency resolution process of Binani Cement to the NCLAT Kolkata.

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Dewan Cement rejects takeover bid by Mega Conglomerate

14 May 2018

Pakistan: Dewan Cement has rejected a takeover bid by Mega Conglomerate to buy a 87.5% stake in it. Chairman Dewan Mohammad Yousuf Farooqui turned down the offer following a valuation of the company, according to the Pakistan Today newspaper. The valuation reported that the value of the cement producer was below the initial offer made by Mega Conglomerate due to low capacity utilisation rates at Dewan’s plants and the need for investment at the sites. Dewan Cement has claimed that negotiations are still on going.

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UltraTech Cement raises offer for Binani Cement to US$1.21bn

17 April 2018

India: UltraTech Cement has raised its direct offer to buy Binani Cement to US$1.21bn. Previously it made a direct offer of US$1.11bn to Binani Cement in the form of a so-called ‘comfort letter’ that Binani Industries used to stop the insolvency process. UltraTech Cement made this latest offer to the resolution professional handling the insolvency process of Binani Cement, according to the Economic Times newspaper. The move follows a decision by the Supreme Court on 13 April 2018 to block UltraTech Cement’s first offer. However, the court will consider a plea by a group of operational creditors that is backing the higher offer in late-April 2018.

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