Mexico’s Elementia, a cement company partly owned by billionaire Carlos Slim, said on Thursday it had completed its 4.37 billion peso ($213 million) capital raise and could now complete its takeover of U.S. peer Giant Cement Holding.
The company said that the share offer concluded with a subscription of almost 95 percent. Majority shareholders said they were interested in taking the remainder, it added.
It will now buy the 55 percent of Giant Cement for some $220 million, Elementia said, and lend it some $305 million.
Giant has operations in the east coast of the United States, including three cement plants, three limestone quarries, and six terminals, Elementia said previously. ($1 = 20.5500 pesos) (Reporting by Christine Murray; Editing by Cynthia Osterman)
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Source: Reuters.com
