Concrete boots

30 Jul 2015 By Neil Unmack Follow @unmack1

HeidelbergCement’s acquisition of cement maker Italcementi marks the end of an era in Italian corporate finance. The Pesenti family’s empire was a part of the salotto buono of cross-shareholdings created by Mediobanca’s Enrico Cuccia. Its sale shows Italy is open, and healthier.

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HeidelbergCement said on July 28 it would buy a 45 percent stake in Italian group Italcementi for 1.67 billion euros in cash and shares from Italmobiliare, a holding company controlled by the Pesenti family.

The German industrial group will then launch a mandatory tender offer for the remaining shares in Italcementi, at the same price of 10.60 euros a share, a 71 percent premium to Italcementi’s weighted average stock price of the last three months, the company said in a statement.

After the transaction, Italmobiliare will be Heidelberg’s second-biggest industrial shareholder and hold a seat on the group’s supervisory board.

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