Reuters are reporting that Mexico’s Elementia has announced that it has completed its 4.37 billion peso (US$213 million) capital raise and could now complete its takeover of US peer Giant Cement Holding.
The company announced that the share offer concluded with subscription of almost 95%. Majority shareholders said they were interested in taking the remainder.
It will now buy the 55% of Giant Cement for approximately US$220 million, and lend it US$305 million.
Giant has operations in the east coast of the United States, including three cement plants, three limestone quarries and six terminals.