Benefits of HeidelbergCement’s Italcementi deal grow

HeidelbergCement has increased its estimate for benefits from the planned takeover of Italcementi.

The makers of building materials are focused on reducing costs and boosting efficiency with investments on hold in much of the world due to an uncertain global economic outlook.

HeidelbergCement responded to the market uncertainty in July when it agreed to take control of Italcementi in a deal that valued the company at US$7.3 billion.

Shares in HeidelbergCement have grown 3.5%. They have remained flat since the Italcementi acquisition was announced, compared with a 14% drop of LafargeHolcim over the same period.

Traders said the raised synergy target offset a lower sales outlook for 2015.

Edited from source by Joseph Green. Source: Reuters

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