German cement producer HeidelbergCement has announced that it has received competition approvals for closing its merger deal with Italcementi after reaching a deal with the U.S. Federal Trade Commission or FTC.
FTC said that HeidelbergCement AG and Italian producer Italcementi have agreed to divest a cement plant in Martinsburg, WV and up to 11 cement distribution terminals in six other states to settle Federal Trade Commission charges that their proposed $4.2 billion merger may harm competition in five regional markets for cement in the United States.
"We are now on track to close the acquisition of the 45 per cent stake in Italcementi which we are planning together with Italmobiliare for the beginning of July," said Dr Bernd Scheifele, Chairman of the Managing Board of HeidelbergCement. With the approvals, HeidelbergCement will initially acquire a controlling stake of 45 per cent from Italmobiliare S.p.A. HeidelbergCement will then propose a public mandatory offer to the remaining shareholders for the acquisition of their shares in return for a cash payment. HeidelbergCement expects the entire transaction to be completed in the second half of 2016.
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