Offer to purchase SACCI SpA
Today Buzzi Unicem has submitted to the controlling shareholders a binding offer to acquire a 99.5% interest in the share capital of Sacci SpA (SACCI).
SACCI is one of the major players of the cement sector in Italy, operating in the Central and Northern parts of the country, with a domestic market share estimated at about 6% and an adequate vertical integration in the ready-mix concrete industry, especially in the Central regions. SACCI also holds minority active investments in Cementerie Aldo Barbetti SpA (Gubbio, PG) and Cementeria Costantinopoli Srl (Barile, PZ). The target company is currently involved in a debt restructuring agreement pursuant to article 182-bis of the Bankruptcy Law, endorsed by the Court of Rome in July 2013.
The offer provides for the purchase of 99.5% of SACCI and the simultaneous relief of all outstanding liabilities resulting from the previous debt restructuring agreement. If the offer is accepted, the execution of the contract is subject both to the approval by the Italian Antitrust Authority and to the agreement with the banks and creditors that take part in the above mentioned debt restructuring agreement.
The financial commitment to complete the transaction amounts to €120 million, which will be paid with available liquidity and/or existing credit facilities. A further outlay may be payable on top of the original commitment upon the occurrence of specific future events (earn-out clause), including in particular the achievement of a certain level of aggregate turnover by Buzzi Unicem and SACCI together in Italy and the possible subsequent disposal of facilities that are no longer used for industrial operations.
With the acquisition of SACCI, Buzzi Unicem intends to play an active role in the consolidation process of the sector in Italy, to achieve important production and commercial synergies through economies of scale and industrial rationalization and thus to improve its competitive position and profitability prospects, looking with optimism to a gradual recovery of construction investments in the home country.
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