Italcementi prices EUR500m capital increase at EUR4.825/share

Italian cement major Italcementi said its EUR500m capital increase will be priced at EUR4.825/share.

The rights issue, part of a plan to strengthen and streamline the group's capital and structure announced on 6 March, is aimed at funding the tender offer on Ciment Francais expected to be launched by the end of the month at a price of EUR79.5/share.

The capital increase, due to start on 9 June, will offer in option to shareholders three new shares for every seven shares owned at a price of EUR4.825, or a discount of 32.67 per cent to the theoretical ex-rights price