Cemex subsidiary, Sierra Trading, has secured 69.83% of Trinidad Cement (TCL), following the closure of its takeover bid in Barbados on 8 February. Barbados was the last market to close the offer, after it closed in Trinidad and Tobago on 24 January and Jamaica on 7 February.
Based on the current tally of shares included in the offer, Sierra Trading will pay US$86.36 million for the additional stake in TCL.
Cemex launched the takeover bid at the end of last year, increasing its offer in January after resistance from TCL’s board of directors. Earlier this month, Fitch Ratings upgraded TCL on the basis of its “tighter relationship with Cemex”.
The company is a major producer of cement in the Caribbean, operating eight companies in Trinidad, Barbados, Guyana, Jamaica and Anguilla. It has a total capacity across three cement plants of 2.4 million tpy.