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HeidelbergCement receive high acceptance rate

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World Cement,

HeidelbergCement has achieved a high acceptance rate in the mandatory tender offer to the remaining shareholders of Italcementi. According to provisional results, 165 371 229 Italcementi shares were tendered at the end of the subscription period on 30 September. HeidelbergCement also purchased 14 000 000 Italcementi shares outside the offer on the stock exchange.

Together with the 45% stake already acquired from Italmobiliare on 1 July 2016, the tendered and acquired shares amount to 336 543 036 shares equal to 96.356% of the share capital and voting rights of Italcementi. The consideration due to the holders of the ordinary shares of Italcementi tendered in the offer will be paid on 7 October. Thereafter, the Italcementi shares will be delisted from the stock exchange. Since HeidelbergCement has come to hold a stake greater than 95%, it has the right to purchase the remaining 12 727 644 shares not yet tendered in the Offer, at the same consideration offered to shareholders who tendered their shares in the Offer, i.e. €10.60 per share. “We are very glad that our offer for the outstanding Italcementi shares was successful,” said Dr Bernd Scheifele, Chairman of the Managing Board. “This is a major step forward to the completion of the Italcementi takeover. Next, we’ll make use of our right to acquire the remaining shares of Italcementi. Due to the high acceptance rate, we can quickly go ahead with the integration of Italcementi and realisation of synergies.”

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