Ludowici’s shareholders have approved FLSmidth’s acquisition offer. The proposed Scheme of Arrangement will see FLSmidth purchase all the shares in the Australian firm. Both companies have also now received the necessary approvals from Australian regulatory bodies such as the ACCC and FIRB. As required by Australian law, Ludowici will now apply for court approval at a second court hearing in June. The transaction is due to take place in July 2012.
The acquisition aims to expand and improve FLSmidth’s mineral and customer service offerings in the region. The company faced a competing bid from Weir PLC, leading to an increased share price offering. Following objections from Weir PLC, the Australian Takeovers Panel ruled in favour of FLSmidth’s ability to increase its offer to Ludowici.
Adapted from press release by Louise Fordham.
Read the article online at: https://www.worldcement.com/asia-pacific-rim/31052012/cement_flsmidth_ludowici_acquisition_shares_australia/