Cementir Holdings has announced that it has been notified by its subsidiary, Cementir Italia SpA that the Board of Directors of Sacci SpA has decided to include Cementir Italia’s offer for the acquisition of one of Sacci’s business divisions as an integral part of Sacci’s composition with creditors. This replaces a previous offer made by another industry operator. The offer covers Sacci’s operations in the cement, ready-mixed concrete and transport sectors, and was submitted by Cementir Italia on 26 November. It was declared to be binding on the condition that it was formally made an integral part of Sacci’s composition with creditors by 31 December 2015.
Sacci’s composition with creditors will be submitted to the vote of creditors at the hearing, which has been set for 18 January 2016. If the vote is favourable, then it will be subject to endorsement by the Court of Rome.
The price for the acquisition has been set at €125 million, and includes an initial component, which will be paid by Cementir Italia upon closing when the business division transfer is made, and a deferred component, which will be paid 24 months after the closing. The closing of the transaction is expected to take place by the first half of 2016. The transfer of the assets and liabilities is limited to a number of specifically identified operational items that are reflected in the price agreed, without assuming any financial debt or debt towards suppliers. The Cementir Holding Group will finance the transaction through new and existing credit facilities. Cementir Holding SpA. The transaction is conditional upon several events including the endorsement of the composition with creditors and authorisation from the Italian Anti-Trust Authority.
The potential acquisition of the business division from Sacci will enable the Group to shift its main focus of production and distribution towards central and northern Italy, covering new market areas offering higher growth potential in the medium to long-term and greater profitability.
Adapted from press release by Rebecca Bowden
Read the article online at: https://www.worldcement.com/europe-cis/04012016/cementir-italia-to-acquire-business-division-from-sacci-250/