The French financial markets authority (AMF) has approved the simplified tender offer from Italian cement group Italcementi for French construction materials group Ciments Français. Currently, Italcementi holds 29,997,248 Ciments Français (CF) shares, representing 84.48% of the capital and 91.38% of the voting rights. The Italian firm is committed to acquiring the remaining 5,510,801 shares in CF that it does not already hold (15.52% of the capital and 8.62% of the voting rights) at a unit price of €79.50.
The French financial markets authority (AMF) has approved the simplified tender offer from Italian cement group Italcementi for French construction materials group Ciments Français.
Currently, Italcementi holds 29,997,248 Ciments Français (CF) shares, representing 84.48% of the capital and 91.38% of the voting rights. The Italian firm is committed to acquiring the remaining 5,510,801 shares in CF that it does not already hold (15.52% of the capital and 8.62% of the voting rights) at a unit price of €79.50. The 523,700 shares that could be issued prior to closing due to exercising stock-options are also targeted under the same financial conditions.
Within three months of the end of the procedure, Italcementi plans to initiate a squeeze-out procedure on the remaining shares at a price of €79.50.