Italy: Buzzi Unicem makes binding bid for Sacci

Buzzi Unicem said on Monday it had presented a binding offer to buy the cement and ready-mix concrete units of cement maker Sacci as it pushes ahead with plans to play an active role in the consolidation of the sector in Italy.

In a statement Buzzi said it had offered a provisional price of $83.5m (€74m) to be financed through liquidity on hand and/or existing credit facilities.

A further variable outlay is expected on top of the original commitment which will be worth no less than €25m, Buzzi said.

This variable outlay is connected to certain future events, most importantly the core earnings, EBITDA, posted in Italy obver the next four years.

Source

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