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Savannah Clinker abandons bid for Bamburi Cement

06 December 2024

Tanzania/Kenya: Savannah Clinker has abandoned its US$198m bid to acquire Bamburi Cement, leaving Tanzania-based Amsons Group as the sole bidder with an offer of US$168m. The withdrawal followed the exit of Savannah Clinker’s financier, Global Infrastructure Finance & Development Authority, due to the arrest of chair Savannah Ndeta on suspicion of fraud and the Capital Markets Authority (CMA) declining a 60-day extension request.

A spokesperson for Savannah Clinker said "The withdrawal of the competing offer has been occasioned by the recent well-publicised arrest and indictment of the chair and main shareholder of Savannah, Benson Ndeta, which has led to the financier of the competing offer seeking additional due diligence. This is further compounded by the CMA’s decision to decline a request made on 2 December 2024 to extend the offer period by 60 days."

Published in Global Cement News
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Cementos Bío Bío concludes negotiations with Mississippi Lime Company

29 November 2024

Chile: Cementos Bío Bío (CBB) concludes negotiations with Mississippi Lime Company (MLC), according to Diario Financiero. Earlier in November 2024, MLC presented a non-binding offer of US$1.89 per share for 100% of CBB, valuing the company at almost US$500m.

Following this, Yura has now increased its offer to US$1.48 per share, valuing CBB at US$390m, after its original proposal ‘lost attractiveness’ to MLC’s offer. Yura aims to increase its stake to 40% in the company.

MLC said "After months of due diligence and review of the company's operational and financial performance, MLC and CBB's principal shareholders shared a non-binding letter of intent in May 2024 subject to conditions. That indicative offer, and its conditions, expired during this year. The revised indicative offer [from Yura], which is subject to all of the terms and conditions set out in the non-binding letter of intent, attributes an equity valuation of US$400m to CBB.”

Published in Global Cement News
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Quikrete approaches Summit Materials with acquisition offer

24 October 2024

US: Bagged concrete and cement mixes producer Quikrete has submitted an acquisition offer to cement, concrete and aggregates company Summit Materials. Summit Materials is reportedly valued at over US$7bn. The company confirmed to Reuters that its board is in initial discussions over a non-binding acquisition proposal.

Summit Materials combined its business with Cementos Argos subsidiary Argos USA in January 2024.

Published in Global Cement News
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Savannah Clinker offers US$197m for Bamburi Cement

28 August 2024

Kenya: Savannah Clinker has offered to acquire Bamburi Cement outright for US$197m, 8% higher than an existing bid for the company of US$183m from Tanzania-based Amsons Industries. Business Daily News has reported that Savannah Clinker requires a minimum stake of 60% in order to finalise the deal. The company said that it could aim to complete the deal before March 2025.

Savannah Clinker owns an upcoming clinker plant and limestone mine in Kitui. Its owner Benson Sande Ndeta formerly held a majority of shares in Savannah Cement, which went into administration in mid-2023.

Published in Global Cement News
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Amsons Group bids US$180m for Bamburi Cement

11 July 2024

Tanzania/Kenya: Tanzania-based Amsons Group has made a significant US$180m bid to acquire the entire stake of Kenya's Bamburi Cement. The group said on 11 July 2024 that it has made a binding offer with Bamburi Cement, according to The East African newspaper. The offer includes a premium of 44.4% over Bamburi's last closing share price.

Managing Director of Amsons Group, Edha Nahdi said "We have great plans to deepen our investment in Kenya and in Bamburi. Our offer to acquire shares in Bamburi is part of our corporate market expansion plan and will mark the formal entry of Amsons Group into the Kenyan market, where we plan to make investments in other industries in the coming months."

Published in Global Cement News
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RAK White Cement encourages shareholders to accept UltraTech Cement’s offer to acquire stake

11 June 2024

UAE: The board of RAK White Cement has recommended that its shareholders accept a cash offer from UltraTech Cement for the acquisition of a further stake in the company. Global Cement News reported in May 2024 that UltraTech Cement had offered to acquire 32% of shares in the company. It previously acquired 29% in April 2024.

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Qassim Cement Company seeks to acquire Hail Cement Company outright

18 January 2024

Saudi Arabia: Qassim Cement Company has informed investors of its intention to acquire Hail Cement Company outright via a submission on the Saudi Exchange. As part of its offer, Qassim Cement Company plans to increase its own share capital by 23%, in order to issue some of it to Hail Cement Company’s shareholders.

Published in Global Cement News
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Heidelberg Materials rumoured to be interested in acquiring Summit Materials

23 October 2023

US: Heidelberg Materials is rumoured to have hired advisors for a possible attempt to acquire Summit Materials. Bloomberg has reported that the company made two approaches to Summit Materials ‘in recent weeks.’ Meanwhile, the Colorado-based producer revealed in a statement that it has rejected two takeover bids from an unnamed party, the more recent on 18 October 2023.

Summit Materials previously agreed to merge with Cementos Argos subsidiary Argos USA in early September 2023.

Published in Global Cement News
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InterCement may sell Brazilian business

06 October 2023

Brazil: InterCement has hired BTG Pactual to help explore ‘capitalisation alternatives’ as part of a proposed restructuring, possibly involving the sale of the group’s Brazilian business. Valor International News has reported that Companhia Siderúrgica Nacional (CSN) Cimentos has signalled its interest in acquiring the business, while Votorantim Cimentos may group together with other cement companies to make a bid. This would entail a division of the assets in order to conform to Brazilian competition laws.

InterCement successfully secured a postponement for payment of its outstanding bank debt in September 2023. It owes net debt of US$1.5bn up to 2027, including a senior note of US$548m due in May 2024. InterCement operates 12.2Mt/yr worth of cement capacity, and produced 8.7Mt of cement in 2022.

Published in Global Cement News
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Adani Cement and UltraTech Cement may join race to acquire Heidelberg Materials’ Indian business

05 October 2023

India: The Hindu newspaper has reported that Adani Cement and UltraTech Cement may submit offers for Heidelberg Materials’ Indian business. This follows the news that parent company Heidelberg Materials has reportedly entered into talks with JSW Cement over the possible sale of the business. It consists of cement plants in Andhra Pradesh, Madhya Pradesh, Karnataka and Telangana, in addition to a cement terminal and four grinding plants across India.

Global Cement reported on 4 October 2023 that Heidelberg Materials’ Indian subsidiary HeidelbergCement India had said it was ‘unaware’ of any discussions between its parent company and JSW Cement.

Published in Global Cement News
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