Displaying items by tag: offer

Australia: Boral announced the expiration of its tender offer for up to US$300m-worth of guaranteed senior notes on 21 July 2022. The producer recorded a total principal amount tendered of US$425.7m. The 3.75% notes are due in 2028.

Australia: Boral Finance has announced the early results of a tender offer to purchase cash up to US$300m. The principal amount tendered is US$405m. The tender offer will expire on 20 July 2022.

Canada: Workers at St Mary’s Cement’s Port-Daniel-Gascons cement plant have voted in favour of taking strike action in a dispute over matters including wages and pensions. Local press has reported that workers and the company, a subsidiary of Brazil-based Votorantim Cimentos, will sit in negotiations on 13 and 14 June 2022. Employees previously rejected a ‘final and comprehensive’ offer from the company earlier in May 2022.

US: Bloomberg has named Germany-based HeidelbergCement, Switzerland-based Holcim and Turkey-based Sabancı Holding as possible bidders for some of Sika’s US admixtures assets. Sika is seeking to divest the assets in order to obtain competition authorities’ approval for its US$6bn acquisition of Germany-based construction chemicals company MBCC from Lone Star Funds.

Zimbabwe: UK-based Associated International Cement Limited (ACIL) has reportedly rejected an offer for its 76% stake in Lafarge Zimbabwe. Lafarge Zimbabwe company secretary Faithful Sithole said that the parent company is still assessing offers received for the stake. The NewZimbabwe newspaper has reported that the declined offer may have come from China-based Huaxin Cement.

China: Tangshan Jidong Cement has announced plans to issue a tranche of bonds with a total value of not more than US$155m. Reuters News has reported that the issuance is the second by the company.

Malaysia: Hong Leong Group has offered to buy out the minority shareholders in Tasek. The offer values the cement producer at around US$160m, according to the Star newspaper. Hong Leong Group is controlled by Quek Leng Chan who owns an 80% stake in Tasek through Hong Leong Asia. If the minority shareholders accept the offer the the cement producer could become a private company. Tasek operates a 2.3Mt/yr integrated plant in Perak state.

Egypt: Helwan Cement has received several preliminary non-bidding offers for its white cement plant located in Minya Governorate. The subsidiary of Suez Cement and HeidelbergCement is now conducting financial, legal and technical due-diligence on the offers, according to Reuters. No values or timescale for the sale have been disclosed.

South Africa: PPC has hired Investec bank to review an offer by Fairfax Financial Holdings to buy a stake in it. The process will also look at ‘credible’ offers made by other investors including Nigeria’s Dangote Cement. No duration for the review has been specified but the cement producer said it would take ‘some time.’ The Takeover Regulation Panel has granted Fairfax an extension until November 2017 to distribute its offer to shareholders, PPC said, allowing Investec more time to complete its report into the proposal.

South Africa: AfriSam has described its offer with Fairfax Financial Holdings to buy a stake in PPC for US$154m as ‘fair.’ In a questions and answer statement on its website it commented that the “…Partial Offer and Merger reflect the fair and relative value of PPC and AfriSam based on the unaffected market price for PPC shares and other valuation benchmarks.” PPC described the offer to its shareholders as low and has confirmed that it has been in communication with other potential bidders, including Nigeria’s Dangote Cement.