HeidelbergCement, through its subsidiary Ciments Français S.A.S, entered into an agreement with Aalborg Portland Holding A/S, a subsidiary indirectly 100% controlled by Cementir Holding, to sell operations in Belgium, primarily consisting of Italcementi’s Belgian subsidiary Compagnie des Ciments Belges S.A. (CCB). The disposal was committed to the European Commission in order to address competition concerns caused by the Italcementi acquisition. The agreement is subject to the approval of the European Commission. The transaction has an enterprise value of €312 million on a cash and debt-free basis. The closing is subject to the satisfaction of customary closing conditions. HeidelbergCement expects the transaction to close in the second half of 2016.
“With the disposal of the Belgium assets we fulfil the obligation of the European Commission and improve the net financial position of HeidelbergCement after the acquisition of the 45% share in Italcementi,” said Dr. Bernd Scheifele, Chairman of the Managing Board of HeidelbergCement. “We are well on track to reach our target of at least €1 billion of proceeds from disposals.”
Adapted from press release by Joseph Green
Read the article online at: https://www.worldcement.com/europe-cis/25072016/heidelbergcement-assets-belgium-cementir-holding-594/