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.
WCT2020 provides a unique online forum for cement industry professionals to hear first-hand from experts through a series of exclusive presentations from cement producers and industry experts.
World Cement Editor, David Bizley, sat down with Michael Tay, Advanced Analytics Product Manager at Rockwell Automation to discuss his recent article in World Cement.
Entitled ‘Smooth Sailing’, this article explains how machine learning can help save energy, reduce downtime and predict equipment failures, thus enabling the smooth running of cement plant operations.
New research by GlobalData’s MEED has shown that the commercial value of construction contracts issued in the Gulf Cooperation Council (GCC) fell by more than 50% in the first eight months of 2020 compared to the same period in 2019.
Buzzi Unicem has announced that its proposal to acquire 99.5% of the company has not been accepted by the banks and creditors taking part in Sacci’s debt restructuring agreement.
Buzzi Unicem has made an offer to Sacci shareholders to acquire a 99.5% stake in the company, which is currently involved in a debt-restructuring agreement.
