Cement News tagged under: corporate
BK Birla targets 50% stake in group companies29 June 2009, Published under Cement NewsBasant Kumar Birla intends to scale up promoter’s holding in group companies to at least 50 % over the next three years. The 89-year Birla patriarch on Saturday said that he plans to increase his stakeholding in companies where the promoter’s hold about 25% or so of the company’s total paid up equity. Speaking to mediapersons after Century Enka’s 43rd annual general meeting held in Kolkata on Saturday, group chairman B K Birla said: "In the current scenario, it is advisable to increase prom... |
CNBM acquires stakes in 10 cos from parent29 June 2009, Published under Cement NewsChina National Building Material Co made successful bids to acquire stakes in 10 cement companies from its parent for around CNY750m. The move would expand its presence and market in the southeast region. These companies have a combined output capacity of about 11.49Mt, the company said. |
Czech Republic: Lafarge Cement to use CZK379m profit for dividend26 June 2009, Published under Cement NewsCzech cement maker Lafarge Cement will use last year’s CZK379.4m (€14.6m or US$20.4m) profit for dividend payment, and each shareholder will get CZK332 per unit, the annual general meeting (AGM) of the company decided today. The profit was around 10 per cent higher compared with 2007. Last year, CZK333.75m was distributed among shareholders, or CZK292/share. Higher production and higher sales are behind the profit growth, said director Jan Votava. Construction grew considerably last year,... |
India’s Grasim may absorb UltraTech unit25 June 2009, Published under Cement NewsIndia’s Grasim Industries plans to absorb its unit UltraTech Cement, to consolidate the group’s cement business under one arm, the Economic Times reported on Thursday, citing an investment banker. The move will create India’s top cement firm, with a combined production capacity of 42Mta, overtaking ACC Ltd controlled by Switzerland’s Holcim that will have 30Mta by 2010. Diversified Aditya Birla Group, which runs Grasim and UltraTech, is looking at consolidating the cement business after en... |
Holcim well placed to buy into construction downturn24 June 2009, Published under Cement NewsHolcim, the world’s second-largest cement maker, is well equipped to exploit a global construction slump and snap up more cheap assets from rivals seeking to raise funds. The Swiss group’s purchase of debt-laden Cemex’s Australian operations at a knock-down price last week highlighted its ability to snatch market share from stretched rivals forced to dispose of assets. "It’s a bold move to go for a takeover of A$2.02bn in the biggest crisis since the 1930s. This shows that this company has... |
CRH announces non-executive board appointment24 June 2009, Published under Cement NewsThe Board of CRH plc announced the co-option to the Board today, 24 June 2009, of John W Kennedy, as a non-executive Director. Mr. Kennedy (59), who is based in London, is Chairman of Wellstream Holdings plc, a company in the energy services field, which is listed on the London Stock Exchange. In a 30 year career in a number of international industrial and energy related companies, he has served as Executive Vice President of Halliburton Company, President of Dresser Enterprises and Chief ... |
No HeidelbergCement deal on Hanson set in concrete just yet22 June 2009, Published under Cement NewsGermany’s HeidelbergCement has refinanced €8.7bn (US$15.1bn) in debt, taking some of the urgency away from any potential sale of its local unit, Hanson Australia. Adelaide Brighton, along with Ireland’s CRH, it is the most likely bidder for the unit. Deutsche Bank was advising Heidelberg on any possible sale of Hanson Australia. Citigroup places a $2.7bn valuation on Hanson Australia based on underlying EBITDA of US$412m Analsyt Jonathon Snape regards AdBri as having a good chance of purch... |
HeidelbergCement shares rise on refinancing agreement19 June 2009, Published under Cement NewsHeidelbergCement, the German cement maker owned by billionaire Ludwig Merckle, rose the most in more than three months in Frankfurt trading after announcing a “comprehensive” refinancing agreement involving more than 50 international lenders. The new syndicated loan totals €8.7bn (US$12.2bn) and runs until December 15, 2011, the company said in an e- mailed statement. It did not identify the lenders. HeidelbergCement ran up debt in the US$12bn takeover of Hanson Plc in 2007. The statement ... |
Cemex could sell stock to relieve debt squeeze19 June 2009, Published under Cement NewsMexican cement giant Cemex SA, weighed down by huge debts from an acquisition made as the US housing-market went into freefall, may have to sell new stock to avoid a pricey bank refinancing or even worse, risk defaulting on its debt, analysts say. Credit Suisse estimates that Cemex, a big provider of ready-mix concrete to the US, will face a funding shortfall next year on part of its roughly US$16bn in debt. Expected cash flow from its operations is likely to fall short of the principal on ... |
LIC purchases INR174 crore shares of Ultratech Cement18 June 2009, Published under Cement NewsLife Insurance Corporation (LIC) of India has purchased 24lakh share of Ultratech Cement worth INR174 crore through an open market transaction. Prior to the said buyout, LIC held over 58.14 lakh shares, while now it holds over 82.14 lakh shares of Ultratech Cement. Shares of Ultratech Cement today settled at INR711.95, down 0.24 per cent on the Board Stock Exchange(BSE). |