Cement News tagged under: corporate
Ciments Francais up on Natixis upgrade14 October 2009, Published under Cement NewsShares in Ciments Francais gain 3.8 percent, one of the the biggest gainers on France’s broad SBF120 index .SBF120 after Natixis raises its rating on the stock to "add" from "reduce". "It is one of the few stocks that have underperformed the construction materials sector since the floor hit on March 9," Natixis analysts write in a note. "We think the market has not yet digested the failed merger with Italcementi (ITAI.MI), and that the consensus underestimates the potential rebound in the ... |
Lafarge launches a share capital increase for employees14 October 2009, Published under Cement NewsLafarge announces a share capital increase reserved for the eligible employees of companies participating in the Lafarge Group Savings Plan. This transaction, which is in line with the Group employees’ shareholding development policy, will encompass approximately 60 countries (out of the 79 countries where Lafarge is present). It aims to associate employees even more closely with the Group’s development and results and to strengthen the bond between Lafarge and its worldwide employees by al... |
Cemex debt restructuring may trigger CDS payments13 October 2009, Published under Cement NewsA recent debt restructuring by Cemex may trigger around US$600m in payments on credit default swaps insuring the company’s debt, a derivatives trade association said on Monday. A committee of market participants at the International Swaps and Derivatives Association is considering whether Cemex’s debt restructuring constitutes a restructuring under the terms of its CDS contracts. Payments on CDSs are typically triggered by a bankruptcy or the failure of a borrower to make a payment on thei... |
HeidelbergCement to sell EUR1bn of bonds13 October 2009, Published under Cement NewsHeidelbergCement AG said it plans to sell at least EUR1bn (US$1.47bn) of five- and seven-year bonds to refinance borrowing in its first note issue in almost two years. Each portion of the high-yield, or junk, bonds will be at least EUR500m, with the final amounts and terms dependent on investor demand, the company said in a statement on its Web site. The notes will be guaranteed by Hanson Ltd., the company’s wholly owned U.K. unit, the statement said. Chief Executive Officer Bernd Scheifel... |
Texas Industries Calls Shamrock Talks Unsuccessful13 October 2009, Published under Cement NewsTexas Industries Inc.’s management and the company’s third-largest shareholder have been unable to settle a proxy fight in private talks, according to statements by both sides Monday, setting the stage for a showdown at TXI’s annual meeting on Oct. 22. The battle erupted in June, when Shamrock Activist Value Fund LP accused Dallas-based TXI of making poor management decisions that eroded shareholder value. The fund went on to nominate three directors for TXI’s board, and it proposed three ... |
JPMorgan Chase raises stake in China Shanshui Cement12 October 2009, Published under Cement NewsUS-based financial holding company JPMorgan Chase & Co recently raised its shareholding in China Shanshui Cement Group Ltd to 5.02% from the previous 4.89%, sources reported. According to statistics released by the Hong Kong Stock Exchange, on Sep. 25, the U.S. company bought approximately 3.51 million shares of China Shanshui Cement for HK$19.36 million. The average price of the share transaction was HK$5.52 apiece. JPMorgan Chase recently assigned a rating of "buy" for shares of BOC Ho... |
JP Morgan maintains ’Overweight’ rating on Ultratech Cement12 October 2009, Published under Cement NewsJP Morgan maintains the ’Overweight’ rating on Ultratech Cement with a revised target price of Rs 950. After the proposed restructuring, Ultratech is likely to emerge as India’s largest pure play cement company with capacity close to 50 MT, low leverage and strong free cash flow generation. Additionally , the proposed holding structure would allow the company to raise equity for any large acquisitions. However, little operational synergy given that most of Grasim’s cement brands had already... |
S&P lifts corporate credit, debt ratings for Cemex10 October 2009, Published under Cement NewsStandard & Poor’s Ratings Services said Thursday it raised its long-term corporate credit and senior unsecured debt ratings for Cemex SAB de CV, citing the building materials giant’s strong liquidity position. The agency said it boosted the ratings to a non-investment grade "B" from "B-" and removed them from its CreditWatch Positive list, where they were placed Aug. 27. Standard & Poor’s also lifted its long-term national scale corporate credit and senior unsecured debt ratings on Mexico-... |
East Africa Portland Cement plans to sell bonds09 October 2009, Published under Cement NewsEast Africa Portland Cement Co., Kenya’s second-largest cement maker, plans to issue a convertible bond to raise funds to fully hedge a yen-denominated loan that has reduced its profit, the Standard reported. The company obtained a KES1.7bn-dominated loan in 1996 to expand its production capacity. Due to the strengthening of the yen, by last year the loan amounted to 3.8 billion shillings, the Nairobi-based newspaper said, citing East Africa Managing Director John Nyambok. Source: Bloomber... |
Fitch raises Martin Marietta Materials’ rating08 October 2009, Published under Cement NewsFitch Ratings has affirmed the ratings of Martin Marietta Materials, Inc. as follows: --Issuer Default Rating (IDR) at ’BBB’; --Short-term IDR at ’F2’; --Senior unsecured debt rating at ’BBB’; --Revolving bank credit facility at ’BBB’; --Commercial Paper rating at ’F2’. The Rating Outlook has been revised to Stable from Negative. The ratings affirmation reflects the still relatively substantial demand for construction products prompted by federal and state government funding of transp... |