The French financial markets authority (AMF) has approved the simplified tender offer from Italian cement group
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.
