10 September 2014
CPV outlines debt refinancing plan 10 September 2014
Spain: Cementos Portland Valderrivas (CPV) has released a statement outlining its plans to refinance Euro969m of debt. In the short term, CPV is struggling to keep on top of maturing debt and has released a statement confirming that it has received the unanimous agreement of all of its creditors to extend the maturity of Euro50m of debt from 30 June 2014 to 30 September 2014.
Taiheiyo Cement ends joint venture with Chinese peer 10 September 2014
Japan/China: Japan’s Taiheiyo Cement has dissolved a joint venture agreement with Xinjiang Tianye in Xinjiang, Chinese in response to Chinese government efforts to reduce excess capacity in the sector.
Taiheiyo Cement Investment, the company’s Chinese arm, signed the agreement with Xinjiang Tianye in December 2012. After receiving government approval, they set up a joint venture in April 2013, planning to produce 1.2Mt/yr of cement. However, in 2013 Beijing increased measures to curb investment in the cement industry to counter overcapacity. This cast doubt on whether the venture could build production facilities as planned. With the business environment for the region's cement industry worsening, Taiheiyo and Xinjiang Tianye opted to end the agreement.
EC approves Spanish Cemex-Holcim deal 10 September 2014
Spain: The European Commission has cleared the acquisition of the Spanish operations of the Swiss building materials group Holcim by its Mexican peer Cemex following an in-depth investigation.