Italmobiliare, the parent company of Italcementi, has tendered all of its shares in Ciments Français to the tender offer launched by Italcementi at the price of €79.5 per share. As announced on 6 March 2014, Italmobiliare held 2.75 of the share capital of Ciments Français equal to 977 051 shares and decided to grant its support to the transaction.
During the meeting on 6 March, Carlo Pesenti, Italcementi’s CEO, stated: “The transaction, approved by the Boards of Italcementi and Italmobiliare, will increase operating and financial efficiency, as well as promoting a unified management to support the development of future industrial plans of Italcementi Group, while preserving the Group’s financial flexibility and capital strength. Furthermore, a streamlined governance and control chain, coupled with the conversion into ordinary shares reserved to the savings shareholders at a clear premium on the implied market conversion ratios, is expected to have positive effects on Italcementi’s market capitalisation and free float, hence improving the company’s visibility and recognition by the stock markets”.
Adapted from press release by Rosalie Starling
Read the article online at: https://www.worldcement.com/europe-cis/18062014/italmobiliare_tenders_its_2-75_stake_in_ciments_fran%C3%A7ais_374/