Italcementi reaches threshold for squeeze-out of Ciments Français

Italcementi said on Thursday it had bought more than 95 percent of share capital of Ciments Français, reaching the threshold for the squeeze-out of minorities at its French unit.

Italcementi’s buyout bid for Ciments Français, which commenced on 13 June, is worth EUR79.50 (USS108.60) a share, ex dividend.

The buy-out of minorities in Ciments Français is part of the Italian cement major's plan to streamline its group structure and will lead to the delisting of the French unit from the Paris stock exchange within the next three months.

The Italian company had said it would use proceeds from a capital hike of up to EUR500m to bankroll the recommended offer.

It has said that it would initiate a squeeze-out procedure for the rest of the shares of Ciments Français at the offer price within three months from the completion of the bid, assuming it reaches the squeeze-out threshold.