Sale of Italcementi non-core assets approved

On 18 December, the Italcementi Board of Directors approved the sale to Italmobilaire of a number of non-core assets, in connection with the agreement between Italmobilaire and HeidelbergCement. Specifically, Italcementi will sell to Italmobilaire its current equity investments in renewable energy (Italgen) and in e-procurement (BravoSolution), along with a property in central Rome.

The consideration of the non-core assets has been determined on the basis of an overall asset value of €241 million.

As the transaction qualifies as a transaction of ‘greater importance’ with the parent, the decision to proceed with the sale was presented for the preliminary binding opinion of the Committee of Transactions with Related Parties at the start of the month, as required by Consob Regulation no. 17221 of March 12, 2010. On 9 December it issued an opinion deeming the transaction to be in the interests of the company and the conditions to be fair and substantively correct.

The effectiveness of the contracts for the sale of the non-core assets will be subject to the closing of the agreement between Italmobiliare and HeidelbergCement, once the required authorizations have been obtained from the Antitrust authorities, and will be finalized at the same time as that agreement.

Adapted from press release by Rebecca Bowden

Read the article online at: https://www.worldcement.com/europe-cis/21122015/sale-of-italcementi-non-core-assets-approved-225/