Italcementi SpA makes offer on Kuwait’s Hilal Cement company

Italcementi SpA has made an offer to buy 51 per cent of Kuwait’s Hilal Cement Co. in a move that would extend the reach of Italy’s largest cement maker to 21 countries.

MILAN, Italy

Italcementi SpA has made an offer to buy 51 per cent of Kuwait’s Hilal Cement Co. in a move that would extend the reach of Italy’s largest cement maker to 21 countries.

The offer of US$2.60 (1.93 euros) per share, which was made through Italcementi’s Egyptian subsidiary Suez Cement Co., values the company at $89 million (66.15 million euros). It has been approved by the Kuwait Stock Exchange.

Italcementi recently bought Fuping Cement in China as part of its strategy to grow in emerging countries.

Hilal has a capacity to produce about one million tonnes of cement a year.

Associated Press