Cement News tagged under: corporate
BlackRock tells CSN to abandon Cimpor deal26 January 2010, Published under Cement NewsCSN Brazil’s third-largest steelmaker, should abandon plans to buy Cimpor as shrinking economies in Spain and Portugal cut cement consumption, BlackRock Inc. said. The Rio de Janeiro-based metals company offered EUR3.86bn (US$5.5bn) Dec. 18 for Lisbon-based cement producer Cimpor, which generates about 38 per cent of sales in Spain and Portugal. After Cimpor rejected the bid, Brazilian rival Camarga Correa made a counter offer, prompting analysts to speculate CSN would increase its proposal... |
Holcim (Slovensko), appoints new chairman25 January 2010, Published under Cement NewsAlan Sisinacki, current marketing and sales director of Holcim (Slovensko). is to replace Roland van Wijnen as chairman of the board of directors as of March 1. Mr van Wijnen has been appointed head of Holcim Philippines. |
Cemex seen posting another 4Q loss25 January 2010, Published under Cement NewsCemex probably recorded its second net loss in more than a decade during the fourth quarter of 2009, burdened by falling demand and an extraordinary charge linked to an asset sale. A Reuters poll of seven analysts showed Cemex will report a loss of $519m for the October-to-December period last year. The loss is likely to be less than in the fourth quarter of 2008, when Cemex reported a US$707m loss, the first in at least a decade. "Cemex’s fourth-quarter results are likely to disappoint,... |
Shiva Cement approves allotment of 10 million warrants25 January 2010, Published under Cement NewsShiva Cement Ltd has announced that the Board of Directors of the Company at its meeting held on January 23, 2010, inter alia, has approved the allotment of 10 Mn. Equity Share Warrants to Promoter Group has been deferred to next Board meeting due to pending approval from the Stock Exchanges. The Board approved filing application for listing of Equity Shares at NSE (National Stock Exchange). |
BBMG buys assets from parent, China22 January 2010, Published under Cement NewsBBMG Corp, a Beijing-based building material manufacturer, plans to spend a total of RMB1.5bn to purchase partial or entire equity in six projects from its parent, Beijing Building Materials Group Co Ltd or BBMG Group, sources reported. The Hong Kong-listed company intends to acquire a 60.64% stake in Tianjin Zhenxing Cement Co Ltd, a 90% stake in a cement firm in Quyang, Baoding, Hebei Province and a 100% stake in Zhuolu Yongxing Cement Co Ltd for a total of RMB 718.7 million. BBMG will ... |
FLSmidth to narrow focus of minerals unit22 January 2010, Published under Cement NewsFLSmidth & Co will narrow the focus of its mineral division to six areas, including copper, and may sell operations serving the chemical and paper industries. “We’re active in about a dozen industries and now we’re going to focus on a more select group,” Chief Executive Officer Joergen Huno Rasmussen said in an interview yesterday. “We’re choosing these six because we see very good long-term prospects for minerals and because we already have strong technology in those areas.” Research budg... |
YTL Cement offers to buy Holcim Singapore’s stake in JCL22 January 2010, Published under Cement NewsYTL Cement Bhd, via Singapore unit, YTL Cement Singapore Pte Ltd, has submitted an offer to Holcim Investments (Singapore) Pte Ltd to purchase the latter’s entire stake in Singapore-listed Jurong Cement Ltd (JCL) at an offer price of S$2.50 per share. In a filing to Bursa Malaysia, it said as at January 20, the offered stake comprised 24.76 million ordinary shares in JCL, representing 55.87 per cent of the total issued and paid-up shares capital. |
Dangote secures fresh US$350m loan facility22 January 2010, Published under Cement NewsStandard Chartered Bank has provided a US$350m facility to Obajana Cement Plc, a division of Dangote Group, for its business expansion programme. The development is coming on the heels of the liquidation of a US$1.27bn loan, secured by Dangote Group, from a consortium of 10 Nigerian banks, five and a half years ahead of repayment schedule. Obajana Cement is currently the largest cement manufacturer cement in Nigeria. Part of the US$350m loan facility will be applied towards the expansion ... |
Merrill Lynch cuts Italcementi price target to EUR 8.6021 January 2010, Published under Cement NewsBank of AmericaMerrill Lynch has lowered the share price target on Italian cement producer and distributor Italcementi SpA to EUR 8.60 from EUR 9.40. Italcementi shares closed Tuesday trading on the Milan stock exchange at EUR 9.76, dipping 1.16%. |
TPI Polene refiles appeal to overturn fine, Thailand21 January 2010, Published under Cement NewsTPI Polene PCL, Thailand’s third largest cement maker, said Thursday that it has refiled an appeal to overturn a fine of THB6.9bn (US$198m) stemming from a stock manipulation conviction. The company said it has petitioned the Criminal Court to ask the Constitutional Court to issue a verdict on the case. Thai companies aren’t allowed to directly appeal to the Constitutional Court and have to ask a lower court to allow it to do so. The company originally asked the Court of Appeal to request ... |