HeidelbergCement AG and Italcementi S.p.A. reached an agreement on June 17 with the United States Federal Trade Commission (FTC), clearing the last antitrust hurdle in their pursuit to create the world’s second largest cement producer. Under the agreement, there will be a divestment of operations in the U.S., primarily consisting of Italcementi’s Martinsburg, W.Va., cement plant and up to 11 terminals. The divestment process for the assets has already started and significant interest has already been recorded, according to HeidelbergCement.
The FTC approval puts HeidelbergCement on track to complete the two-step acquisition of Italcementi from Italmobiliare SpA in the second half of 2016, noted the company. First, HeidelbergCement will initially acquire a 45 percent stake in Italcementi, and then will propose a public mandatory offer to the remaining shareholders for the acquisition of their shares in return for a cash payment. The exact timing of the mandatory offer will be communicated at a later time.
“We are very pleased with the positive decision of the Federal Trade Commission,” said Dr. Bernd Scheifele, chairman of the managing board of HeidelbergCement.
“We are now on track to close the acquisition of the 45 percent stake in Italcementi which we are planning together with Italmobiliare for the beginning of July.”