Displaying items by tag: Acquisition
Lafarge Maldives rebrands to Raysut Maldives Cement
14 October 2020Maldives: Lafarge Maldives has rebranded to Raysut Maldives Cement following its 75% acquisition by Oman-based Raysut Cement. State Trading Organization retains its 25% stake in the joint venture, which operates the 75,000t/yr-capacity Thilafushi Island cement terminal. The company says that it plans to expand the terminal’s capacity by 167% to 0.2Mt/yr by 2022.
Raysut Cement group chief executive officer Joey Ghose said, “Our foray into the Maldives will help drive self-sufficiency of cement in Maldives, which currently is predominantly an import market. Raysut is looking at adding local value in the Maldives by installing production facilities to ensure there is at least 40% local content. This will also make the market more competitive from a price point of view, which will have a positive impact on infrastructure development in the country.”
Raysut Cement acquires 75% stake in Lafarge Maldives
13 October 2020Maldives: Oman-based Raysut Cement has announced its acquisition of a 75% stake in Lafarge Maldives for US$8m. The subsidiary of LafargeHolcim operates the 9000t-capacity Thilafusi cement terminal on the island of Thilafusi, Kaafu Atoll, which it opened in June 2015.
European court rules against HeidelbergCement and Schwenk Zement acquisition of Cemex Croatia
06 October 2020Croatia: A European Union (EU) court has ruled in favour of the European Commission’s antitrust veto of Germany-based HeidelbergCement and Schwenk Zement’s 2017 acquisition agreement with Mexico-based Cemex for acquisition of its subsidiary Cemex Croatia. The court said that the deal was anti-competitive in that it had the potential to push up cement prices in Croatia, in spite of HeidlebergCement and Schwenk Zement’s offer to grant other cement suppliers access to a terminal.
FLSmidth acquires KnowledgeScape
02 October 2020Denmark: FLSmidth has announced the signing of a takeover agreement with mineral processing digital solutions specialist KnowledgeScape. No value for the acquisition has been disclosed.
Chief Digital Officer (CDO) Mikko Tepponen said, “The addition of KnowledgeScape’s advanced solutions to FLSmidth’s already robust digital ENABLR portfolio will deliver an expanded and exciting range of benefits to cement industry customers, from increased automation to improved reliability and enhanced productivity, increasing the total output of plants by 4% - 10%. At the same time, their solutions reduce power, water and reagent consumption, contributing significantly to the goals of FLSmidth’s MissionZero sustainability strategy.” He added, “With this acquisition, FLSmidth reinforces a strong track record of integration with a special emphasis on the retention of local talent.”
Mississippi Lime acquires Transload Terminal
17 September 2020US: Mississippi Lime has announced its acquisition of the Transload Terminal in Edwardsville, Kansas from LG Everist. President and chief executive officer (CEO) William Ayers said, “We are pleased with this acquisition and looking forward to further integrating this operation into our business. Mississippi Lime has been a long-term supplier of calcium-based products in this region, serving construction projects as well as many other industries. This acquisition serves to strengthen that commitment.”
Competition and Markets Authority to consider Breedon Group undertakings for Cemex UK acquisitions
14 September 2020UK: The Competition and Markets Authority (CMA) has announced that it will consider the undertakings offered by Breedon Group to which its deal with Cemex UK for acquisition of several of the latter’s ready-mix and aggregates operations would be subject. The regulator explained its ruling by saying, “There are reasonable grounds for believing that the undertakings might be accepted by the CMA under the Enterprise Act 2002.” This may lead to the completion of the acquisitions, which were agreed on 21 January 2020.
Cemex España requests authorisation for Cemex Latam Holdings bid
08 September 2020Colombia: Cemex España has requested authorisation by the Colombian Financial Superintendency (SFC) to make offers to buy the shares of all Cemex Latam Holdings shareholders with a view to taking over a 100% stake in the company. El Ceo News has reported that after receiving authorisation Cemex España must place a bid within five working days.
Votorantim Cimentos considering buying majority stake in McInnis Cement
02 September 2020Canada: Brazil-based Votorantim Cimentos is in talks with Caisse de dépôt et placement du Québec (CDPQ) over possible acquisition of the investment company majority stake in McInnis Cement. Quebec Premier François Legault said, “Quebecers have already invested a lot in the cement plant. For nationalism reasons, I would like a Quebec company to be ready to invest,” according to the Journal de Montreal newspaper. Béton Provincial has registered for a government grant of US$115m in order to acquire the stake, which has been for sale since January 2020. Investissement Québec and the Beaudier Group are both minority shareholders.
UK: The Competition and Markets Authority (CMA) has said that Breedon Group’s acquisition of a minority of Cemex UK’s ready-mix and aggregates operations “may lead to a substantial lessening of competition in the supply of ready-mixed concrete, non-specialist aggregates or asphalt in 15 local markets across the UK” in a letter to the group. The Herald newspaper has reported that the potentially affected markets are in localities where Breedon Group is already dominant, such as eastern Scotland and the East Midlands.
CMA senior director Colin Rafferty said, “As consumers source the majority of these materials locally, it’s vital to ensure that enough competition will remain at the local level so there’s enough choice and prices remain fair.” If it fails to respond to the CMA’s concerns by 2 September 2020, Breedon Group will face an in-depth Phase 2 investigation into the deal.
Imerys to buy majority stake in Haznedar
12 August 2020France: Imerys has signed an agreement to buy a 60% stake of Haznedar Group, a Turkey-based monolithic refractories and refractory bricks producer for the cement, steel, iron and petrochemical markets. The acquisition is expected to conclude in the fourth quarter of 2020 subject to approval by competition authorities. No value for the deal has been released.
The acquisition will add basic and acidic refractory bricks to Imerys’ product range and extend its industrial footprint with a production base in Turkey. It is also expected to strengthen its position within the Turkish market. The business will be consolidated in Imerys’ High Temperature Solutions business area, part of its High Temperature Materials & Solutions segment.