Cemex’s stake in Trinidad Cement Ltd (TCL) has reached about 70.01%, according to a TCL announcement. The Mexico-based company would pay US$86.9 million for the increased stake, said TCL, whose board of directors has recommended shareholders reject the Cemex offer.
Cemex launched a takeover bid for the Carribean cement maker via its subsidiary, Sierra Trading, last year, raising its offer in January 2017 after the board failed to recommend the initial offer.
Despite continued boardroom resistance to the offer, on 24 January, Cemex said it had secured a 67.39% stake in TCL after the Trinidad and Tobago Ministry of Finance approved the offer. Cemex’s stake may continue to rise, as the offer remains open to Jamaican shareholders in the company until 7 February, although it won’t exceed 74.9%, TCL said.
Following the close of the offer in Jamaica, a further update will be issued advising of Cemex’s final shareholding in TCL, the company said.
Read the article online at: https://www.worldcement.com/the-americas/30012017/cemex-stake-in-tcl-continues-to-grow/