On 1 October, Buzzi Unicem was informed that the Court of Rome has declared the admissibility of SACCI SpA’s application for composition proceedings, following its submission by SACCI itself on 21 September.
The composition plan includes a binding offer made by Buzzi Unicem for the acquisition of the cement and ready-mix concrete business unit of SACCI.
SACCI’s composition plan will be subject to the vote of its creditors, with the Court setting the meeting for 18 January. If the vote is positive it will be further submitted for approval to the Court of Rome. The offer will then be valid and binding until 31 March 2016. Even if the court endorses the composition plan, the execution of the contract will still be subject to approval by the Italian Antitrust Authority.
Adapted from press release by Rebecca Bowden