Buzzi Unicem’s offer to buy Sacci SpA has expired after being rejected by the banks and creditors and the bidder is no longer bound to any commitment, the Italian cement major announced.

“We inform that the population of the banks and creditors that take part in the debt restructuring agreement pursuant to article 182-bis of the Bankruptcy Law did not endorse the proposal by Buzzi Unicem. The offer has expired today and as such Buzzi Unicem is released from any subsequent commitment,” Buzzi said in a statement.

In March, Buzzi Unicem offered €120m for a 99.5 per cent stake in fellow Italian cement producer SACCI and the simultaneous relief of all outstanding liabilities from a previous debt restructuring agreement. SACCI also holds important minority stakes in two other cement producers. It has a 35 per cent interest in Cementerie Aldo Barbetti and a 40 per cent stake in Cementeria di Costantinopoli.