Delay for Italcementi/Ciments Français merger
22 June 2009
Italcementi is delaying its proposed full takeover of subsidiary Ciments Français pending the approval of US bond holders.
The acquisition of the remianing 18,06% of Ciments Français not already owned by Italcementi was announced in February. The all share deal has been cleared by the French stock market regulator Autorité des Marchés Financiers (AMF).
However, Italcementi is still seeking approval from a group of Ciments Français bondholders in the US, which hold US$ 500 million of the company's debt. According to Italcementi, this group is disputing whether the merger can go ahead without their consent.
The companies' boards and the group of investors are due to meet this week to discuss their differences.
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