Buzzi Unicem has made an offer to acquire SACCI Group’s cement and ready-mix concrete businesses in Italy. The offer price comprises a fixed component of € 74 million plus a profit-based variable amount of at least € 25 million.
SACCI is currently going through a debt restructuring process under Italian law, which was launched in July. According to Buzzi Unicem, SACCI is one of the major players of the cement sector in Italy, operating in the Central and Northern parts of the country. Its market share is put at about 6%.
The assets under offer comprise five cement plants in Cagnano Amiterno, Castelraimondo, Tavernola Bergamasca, Greve in Chianti and Livorno, three terminals in Manfredonia, Ravenna and Vasto and 27 ready-mix concrete plants, mainly in the central Italy.
The offer is valid and binding until 31 March 2016, provided that SACCI includes it by 21 September 2015, in its application for composition (restructuring plan) to the Court of Rome. If the offer is accepted by SACCI and the composition plan approved, the deal is subject to Italian regulatory approval.
If the offer is accepted by SACCI and the composition plan is endorsed, the execution of the contract will be nevertheless subject to the approval by the Italian Antitrust Authority.