SECIL (Portugal) launches an offer to acquire CIMPOR and invites


Given the cement industry's ongoing globalization and concentration process, the Portuguese company SECIL - Companhia Geral de Cal e Cimento, S.A. has decided to extend its operations through an international network. SECIL is currently Portugal's second largest cement producer and already has a cement plant in Tunisia. The company has launched a public offer to acquire at least 67 percent of the share capital of CIMPOR - Cimentos de Portugal, S.A. As Portugal's largest cement producer and listed on the Lisbon Stock Exchange, CIMPOR also has operations in Spain, Brazil, North Africa and Mozambique.


To finance the acquisition, as well as ensure the continuation of competitive activity in the Portuguese market, SECIL has invited "Holderbank" to enter into an agreement. After SECIL's successful bid "Holderbank" would acquire CIMPOR's activities in Portugal, Morocco, Tunisia, Mozambique and parts of the Brazilian operations. "Holderbank" would acquire 11.8 million tonnes of cement capacity, as well as 9.0 million tonnes of aggregates and 3.5 million cubic meters of ready-mixed concrete sales volumes. In line with its strategy SECIL will keep all other foreign activities of CIMPOR in Spain, Egypt and Brazil.

SECIL will be offering CIMPOR shareholders a cash payment of EUR 20.5 per share. Based on CIMPOR's average stock market price over the last six months, this represents a premium of approximately 30 percent. "Holderbank's" total financial commitment represents an enterprise value (EV) of approximately EUR 2.8 billion or EUR 220.- per tonne of capacity. "Holderbank" intends to finance this acquisition with initial bridging funds, eventually supported by an equity injection.
The offer depends on certain governmental authorizations and conditions together with clearance from the relevant competition authorities.
With majority and minority interests in 70 countries on all continents, "Holderbank" is one of the world's leading suppliers of cement, as well as aggregates (gravel and sand), concrete and construction-related services.

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