Displaying items by tag: Stake

India: The Competition Commission of India (CCI) approved the acquisition of a 12.55% stake in JSW Cement Ltd by Singapore-based AP Asia Opportunistic Holdings Pte Ltd under the green channel route on 19 August 2021. Green channel is an automatic approval system, whereby a combination is deemed to have been approved by the CCI upon receiving the filing of the notice for the combination by the parties concerned.

The CCI stated that there were no overlaps between the parties to the proposed transaction and therefore it does not raise any risk of an appreciable adverse effect on competition in India, according to a notice filed with the regulator.

India: Synergy Metals Investments Holding has received the Competition Commission of India’s approval via the accelerated ‘green channel notice’ to acquire a minority stake in JSW Cement. The Press Trust of India has reported that the accelerated procedure aims to improve merger regulation through transparent review with a minimal waiting period.

India: The Kerala state government aims to establish 25% state ownership of the cement industry locally. The New Indian Express newspaper has reported that the policy aims to control rising cement prices. The government said that state-owned Malabar Cements and Travancore Cements will increase their cement production. The former has already lowered its cement prices, according to the administration.

Russia: Chrysotile producer Uralasbestcement has acquired a 54% stake in Belgorodasbestcement via its subsidiary Asbotsemizdelie. Belgorodasbestcement produces chrysotile or white asbestos cement products for domestic sale and export, according to the AK&M Information Agency.

Lithuania: The Lithuanian Competition Council has permitted Germany-based Schwenk Zement to increase its stake in Akmenes Cement to 97% from 47%. The markets authority also granted permission for Schwenk Zement’s 75% acquisition of limestone and clay producer Kalcitas and 100% acquisitions of building materials suppliers Cemeka and Lanku Bokstai.

India: Anjani Portland Cement has entered into a share purchase agreement to acquire a majority stake in Bhavya Cements. Bhavya Cements recorded a net turnover of US$41.9m in its 2020 financial year. It operates a 1.4Mt/yr integrated plant at Tangeda in Andhra Pradesh.

Kenya: The Competition Authority of Kenya has granted China-based Zou Fengqi and Oman-based Raysut Cement exemption from regulatory approval on a recent application in line with competition guidelines. The Business Daily newspaper has reported that the application stated that Zou Fengqi plans to acquire a 60% stake in Raysut Cement’s business in East Africa.

Raysut Cement operates grinding plants in Mogadishu, Somalia and Somaliland.

Indonesia: SCG Packaging, part of Thailand-based Siam City Group, has entered into a share purchase agreement to acquire a 75% stake in Intan Group, a corrugated container producer. The purchase is intended to strengthen SCG Packaging’s downstream paper-based packaging business in the country. It awaits approval from the relevant authorities and the transaction is expected to close in mid-2021.

Lithuania: Germany-based Schwenk Zement has sought to increase its stake in 50% subsidiary Akmenes Cement to 97%. The company is also seeking the acquisition of a 75% stake in limestone supplier Kalcitas. The producer took over Mexico-based Cemex’s stake in Akmenes Cement in 2019.

Italy: Taiwan-based Taiwan cement has agreed to acquire Engie’s 60% stake in battery and hydrogen power systems supplier Engie EPS. The aggregate value of the deal is Euro132m. The producer expects to close the deal in mid-late 2021, whereupon it will launch an all-cash mandatory tender offer for the company’s remaining shares. Taiwan Cement said that the transaction would provide the cornerstone for its strategic global blueprint in the future.