Cement News tagged under: corporate
Citigroup upgrades Anhui Conch to buy from hold11 January 2010, Published under Cement NewsCitigroup upgrades Anhui Conch to Buy from Hold and raises target price to HK$61.88 from HK$55.94. Says stock is top pick in sector on consolidation theme. Adds stock operates in most of provinces in which cement capacity is likely to get consolidated. Tips Fujian, Shandong, Guangdong, Sichuan, Ningxia as provinces most likely facing consolidation in their cement industries. Notes stock has underperformed recently, reflecting market’s worry over its growth model, rising coal cost. "We be... |
Saudi Yamama Cement 4Q net rises 70 per cent11 January 2010, Published under Cement NewsSaudi Yamama Cement Company, the country’s third largest cement producer, posted a 70 per cent increase in fourth quarter profit from last year. Yamama Cement made SR145 million ($38.6 million) in the three months ending December 31, compared to SR85.1 million in the same period last year, the firm said in a statement posted on the bourse website on Sunday. ’The reason behind the increase in net profit for the fourth quarter compared to the same period last year is due to the increased sal... |
CSN open to talks with Cimpor - CEO11 January 2010, Published under Cement NewsBrazilian steelmaker CSN made an aggressive offer for cement producer Cimpor, but it is open to discuss the bid with the Portuguese company’s shareholders, Chief Executive Benjamin Steinbruch said on Friday. Companhia Siderurgica Nacional, as the Brazilian company is formally known, was offered the 17 per cent stake in Cimpor by Lafarge and then decided to make a bid for the entire company, Steinbruch said in a conference call with reporters. The EUR5.75 a share offer by CSN, which values ... |
Sephaku sells interests to focus on core businesses08 January 2010, Published under Cement NewsRecently listed minerals and cement company Sephaku Holdings had sold some of its gold and nickel interests to investors including Hong Kong-headquartered Mandra Capital for R80m in cash, it said yesterday. Shares in Sephaku, which listed on the JSE in August, were unchanged at 350c yesterday, compared with 629c on its first day of listing. The group, which is focusing on building a cement plant and a fluorspar mine, said it had agreed to sell its 26% stakes in Taung Gold and African Nicke... |
Cimpor board rejects CSN bid08 January 2010, Published under Cement NewsCimpor shareholders have rejected a US$5.5bn takeover bid from Brazilian steel company Companhia Siderurgica Nacional , Cimpor said in a statement via the Lisbon stock exchange late Thursday. The board said CSN’s bid price "significantly undervalued the company." Furthermore, the board said CSN’s offer was "opportunist, irrelevant and disturbed the company’s operations." CSN declined to immediately comment on Cimpor’s position. Cimpor’s main shareholders, Teixeira Duarte Engenharia e Cons... |
Italcementi to sell EUR700m in bonds08 January 2010, Published under Cement NewsItalcementi SpA plans to sell about EUR700m (US$1bn) in bonds to institutional investors in February, daily Il Sole 24 Ore reported, without saying where it received the information. Banca IMI SpA, BNP Paribas SA, Merrill Lynch & Co. and Societe Generale SA are arranging the sale, according to the Italian daily. Italcementi is expanding its presence in central Asia after signing an agreement with Kazakh fund Verny, Sole said. The fund bought a 6.9 percent stake in Italcementi’s local unit,... |
Oyak completes acquisition of Lafarge Marmara Group08 January 2010, Published under Cement NewsOyak Cement Group, has completed the acquisition of Lafarge Marmara Group for €130.3m. The acquisition, agreed in April last year, puts Oyak in control of 97.3 per cent of Aslan Cement, 100 per cent of the Birtas Company and Marmara Madencilik, 24.4 per cent of Aslan Beton, and 100 per cent of Assan AS and the Aslan Cement Foundation. Oyak Cement Group is Turkey’s largest cement company and part of Oyak Group, Turkey’s largest pension fund and leading private equity investor. The compan... |
CSN told to provide more data on Cimpor offer07 January 2010, Published under Cement NewsCompanhia Siderurgica Nacional SA was told to provide the Portuguese securities regulator more information on its offer to buy Cimpor-Cimentos de Portugal SA, Diario Economico said, citing an unidentified person. That means the Securities Market Commission is unlikely to approve the offer by the end of this week, the newspaper said. |
Lafarge open to consolidation in India07 January 2010, Published under Cement NewsLafarge is open to consolidation in India and the time frame for it is the next five years, according to its Chairman and CEO, Bruno Lafont. Addressing visiting press from Kolkata at the inauguration of the clinker line at Lafarge India’s cement plant here recently, Mr Lafont said, “We see consolidation happening [in the cement industry] in India in the mid-term period. We are confident of our ability to deliver our investments in India and are open to seizing new opportunities, be it conso... |
KHD Humboldt plans to split into two companies07 January 2010, Published under Cement NewsKHD Humboldt Wedag International Ltd (KHD) plans to split into two companies – a mineral royalty firm focused on an iron ore mine in eastern Canada, and another that will hold most of the cement and mineral processing equipment and services supplier’s other assets. KHD said the move was related to significant changes at its Wabush Iron Ore Mine since Cliffs Natural Resources Inc. (CLF), which has been moving aggressively to expand and diversify, announced plans to acquire the 73% stake in t... |