Following Italcementi’s announcement last week of a proposed simplified tender offer on the shares of Ciments Français, the latter company’s Board of Directors met yesterday. The Board of Directors has decided to ratify the proposal made by the Committee of the Independent Directors of the Company to appoint FINEXSI as independent expert in order to establish a report on the financial terms of the tender offer.
FINEXSI will perform its works under the supervision of the Committee of the Independent Directors of Ciments Français in order to comply with the best practices applicable in the field of corporate governance.
The report of the independent expert will be incorporated in the reply document (note d’information en réponse) that will be filed by Ciments Français with the Autorité des marchés financiers.
The ratings agency, Moody’s, has placed both Italcementi and Ciments Français ratings on review. Italcementi’s rating may be upgraded, while Ciments Français is placed under review for direction uncertain.
Adapted from press release by Katherine Guenioui