HeidelbergCement reduces stake in Ciments du Maroc
Published by Lucy Stewardson,
HeidelbergCement has announced its sale of around 1.1 million shares, representing 7.8% of Ciment du Maroc’s share capital, for an aggregate amount of approximately €140 million. Through an off-market block trade, the shares were sold to certain Moroccan institutional investors. Following the transaction, HeidelbergCement will retain a controlling stake of 54.6% in Ciments du Maroc and continue to fully consolidate the company.
BNP Paribas and BMCI advised HeidelbergCement on the sale of the shares.
“HeidelbergCement is fully committed to remain the long-term majority shareholder of Ciments du Maroc, a key strategic asset within the group’s portfolio,” said Dr Bernd Scheifele, Chairman of the Managing Board of HeidelbergCement. “The reduction in shareholding is part of our action plan to optimise our portfolio and generate cash in order to speed up deleveraging. We continue to be well on track to reach our target of €1.5 billion of disposal proceeds by the end of 2020.”
Read the article online at: https://www.worldcement.com/europe-cis/22022019/heidelbergcement-reduces-stake-in-ciments-du-maroc/
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