Italcementi approved a capital increase for up to EUR450m, and a voluntary public tender offer on all the minority shares it does not already own in French subsidiary Ciments Francais at EUR78/share.
The plan, which includes the conversion of Italcementi savings shares into ordinary shares on a conversion ratio of 0.65 ordinary shares for each savings share, is part of efforts to boost and streamline the company's capital structure.
Ciment Francais will be delisted from the Paris stock exchange as a result of the tender offer.
Italmobiliare, Italcementi's controlling shareholder, has said it is available to subscribe the rights issue, which is expected to be launched in June 2014.?
The remaining part will be guaranteed by Mediobanca and UniCredit Bank AG, which have been mandated to promote, coordinate and direct a consortium of banks in the context of the capital increase.
