Germany?s HeidelbergCement plans to buy Italcementi for -C3.7 billion, according to reports. HeidelbergCement has initially bought Italmobiliare SpA?s 45 per cent stake. This transaction was initiated on July28, 2015 and is subject to approval by competition authorities.
The deal represents HeidelbergCement?s biggest since the -C11.2 billion acquisition of Hanson in 2009. The acquisition of Italcementi will expand HeidelbergCement?s operations in Mediterranean countries such as Italy and Egypt as well as in France and Belgium, which combined represent the Bergamo, Italy-based company?s biggest market. The deal gives HeidelbergCement the greatest boost in the Middle East and Africa.