Italian cement maker Italcementi said on Friday it has agreed to acquire a stake in West China Cement as the group moves to strengthen its position in the world s largest building materials market. In a statement on Friday Italcementi said that when the deal is complete it will own a stake of around 6.25 percent in West China Cement (WCC) to become the company s third largest shareholder. Under the agreement Italcementi will sell to WCC Shaanxi Fuping Cement Company, which also owns 35 percent of Shifeng Cement, against the subscription of a reserved capital increase of WCC. Italcementi will underwrite 284.2 million new shares in WCC at HK$ 2.1815 per share, it said. Source: uaecement
Source:
http://www.uaecement.com/newsDetail.aspx?id=514
