Cement News tagged under: corporate
Lafarge, UltraTech eye Jaiprakash units, India15 June 2012, Published under Cement NewsAditya Birla Group and Lafarge are separately in talks to buy Jaiprakash Associates cement units, the Economic Times reported on Friday. Officials from Lafarge and the Aditya Birla Group-controlled UltraTech Cement Ltd, Indias biggest cement producer, have completed preliminary talks and final bids are expected shortly, the newspaper said, citing sources with knowledge of the development. Jaiprakash has spun off its cement units in the western state of Gujarat and southern state of And... |
Fontana sees more swaps in cement reshuffle15 June 2012, Published under Cement NewsHolcim Chief Executive Officer Bernard Fontana said swapping cement production facilities is more likely than outright purchases or sale of individual units, according to Bloomberg reports. Swapping parts of a portfolio with another company would not be more difficult to implement than buying or selling individual units, Fontana told journalists at a meeting in Zurich. Holcim’s CEO has said he is open to “selective divestments,” though he declined to comment specifically on Holcim’s mergers... |
Cemex Mary Nour fine upheld by antitrust authority15 June 2012, Published under Cement NewsCemex has said Mexico’s antitrust agency upheld a fine of MXP10.2m (US$729,000) against the company for blocking a 2004 cement shipment from Russia, according to Bloomberg reports. Cemex sees the fine as unfounded and will seek an injunction against it, said Jorge Perez, a company spokesman. The Monterrey, Mexico-based company appealed the fine, which the nation’s Federal Competition Commission imposed in February. The blocked delivery occurred when a group of competitors tried to impor... |
West China Cement profit warning15 June 2012, Published under Cement NewsWest China Cement (WCC) warned that its net profit in the first half of this year is expected to plunge more than 50% on-year due to a drop in cement price. This follows a warning from industry peer, Anhui Conch Cement who last week also issued 1H profit warnings. DBS Vickers expects WCC's earnings are bottoming out as cement prices are recovering. It keeps the stock at Buy with a target price of HK$2.27 but says WCC's shares have rallied 35% year-to-date, significantly outperforming peers ... |
Dangote targets US$35bn-40bn London listing, Nigeria14 June 2012, Published under Cement NewsNigerian billionaire Aliko Dangote is targeting a market capitalisation of US$35-$40bn for his cement company when he lists it in London next year, he told Reuters on Wednesday. "It depends on the market, but it should be something like US$35 to $40bn. We are targeting something like that," Dangote said of the secondary listing in London that is planned for late next year. Africa's richest man with a cement empire stretching from Senegal to South Africa, Dangote said in an interview at his... |
Fitch affirms Lafarge IDR at BB+13 June 2012, Published under Cement NewsFitch has affirmed the Long-term Issuer Default Rating (IDR) and the senior unsecured rating of Lafarge at BB+ with a "stable" outlook. The affirmations reflect Fitch's view that the group will continue to reduce debt and improve its credit metrics in 2012, the agency said in a statement today. Fitch expects Lafarge's leverage ratio to fall below 4.0x by the end of 2012, a level that would be in line with the current rating. However, Fitch forecasts part of the envisaged EUR500m savings i... |
Lafarge to start Tarmac asset sales by end-June13 June 2012, Published under Cement NewsAnglo American and cement maker Lafarge are likely to begin selling a series of assets as required by UK regulators by the end of the month in order to proceed with a proposed joint venture, Lafarge's chief executive said on Tuesday. The UK’s Competition Commission said last month that the companies had to sell "an extensive package of operations" including one of the country’s largest cement plants, for the planned joint venture to win approval. Reuters quoted Lafarge CEO Bruno Lafont as ... |
Cemex wins arbitration over sale of some European assets13 June 2012, Published under Cement NewsCemex said Monday that an arbitration court has ordered Austria's Strabag SE pay Cemex EUR30m plus interest and other costs after the European company pulled out of a 2008 agreement to buy Cemex assets in Austria and Hungary. C emex said in a filing with the Mexican stock exchange that the International Arbitration Court of the International Chamber of Commerce ruled on May 31 that Strabag's termination of the agreement was invalid, and that the sides were notified on 1 June, according to r... |
Baker and McKenzie advises Najran Cement Co, Saudi Arabia13 June 2012, Published under Cement NewsBaker and McKenzie advised Najran Cement Company (NCC) on its initial public offering of 85,000,000 shares at SAR10 a share (IPO), representing 50% of its share capital at an aggregate offer price of SR850,000,000. Najran Cement was established in 2005 and has a cement capacity of 9000tpd. At present, the plant consists of two production lines and one grinding unit. To capitalise on expected domestic market development, plans to expand its clinker capacity by 7000tpd with a new third line. ... |
Fitch affirms HeidelbergCement at BB+12 June 2012, Published under Cement NewsFitch Ratings has affirms HeidelbergCement’s Long-term Issuer Default Rating (IDR) at 'BB+' and Short-term IDR at 'B'. The Outlook on the Long-term IDR is Stable. The agency also affirmed the senior unsecured rating of debt issued by HC's related entities, HeidelbergCement Finance BV, Hanson Ltd and Hanson Australia Funding Ltd. at 'BB+'. “The affirmations reflect HeidelbergCement's careful financial policy and the agency's expectation that credit metrics will remain stable or improve ... |