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Buzzi Unicem makes second offer for Sacci SpA

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World Cement,

On 14 September, Buzzi Unicem submitted a binding offer to Sacci SpA, one of the major players in the Italian cement industry, to acquire its cement and ready-mix concrete business units, under the composition plan of Sacci itself. This is the second offer Buzzi Unicem has made, as the banks and creditors taking part in Sacci’s debt restructuring agreement did not endorse their first proposal.

The offer provides for the purchase of five plants, three terminals that are currently idle, and 27 ready-mix concrete plants, which are primarily located in the central regions of Italy. A provisional price of €74 million has been offered by Buzzi Unicem, which will be financed with available liquidity and/or existing credit facilities. This price remains subject to adjustments, and a further variable outlay is expected according to specific future events, primarily the Ebitda achieved in Italy over the next four years.

Provided that Sacci includes it by 21 September as an integral part in its application for composition to the Court of Rome, the offer will be valid and binding until 31 March 2016. Even if the offer is accepted, and the composition plan endorsed, the execution plan will still be subject to the approval of the Italian Antitrust Authority.

With this second offer to Sacci, Buzzi Unicem reaffirms its intention to play an active role in the consolidation of the sector in Italy.

Adapted from press release by

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