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    TITC   BE0974338700

TITAN CEMENT INTERNATIONAL SA

(TITC)
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Brazilian cement makers CSN, Apodi, Mizu, Votorantim, Intercement bid for LafargeHolcim assets -sources

08/01/2021 | 11:44am EDT
FILE PHOTO: The logo of LafargeHolcim, the world's largest cement maker, at its Zurich headquarters

SAO PAULO, July 30 (Reuters) - Brazilian cement makers CSN Cimentos, a subsidiary of steelmaker CSN SA; Cimentos Mizu; and Cimento Apodi, in which Titan Cement International has a stake, are among the bidders for assets LafargeHolcim Ltd has put up for sale, two people with knowledge of the matter said.

Lafarge, the world's largest cement maker, expects proceeds of $1 billion to $1.5 billion, the people said on condition of anonymity to disclose private talks.

The three smaller companies are aiming to acquire a large part of Lafarge's operations in the country which include 10 production plants, the sources said.

Brazil's largest cement makers, Votorantim Cimentos SA and Intercement Brasil SA, also made offers, but had to bid for parts of the businesses due to antitrust restrictions, the people added.

Votorantim has bid for the producing units in the northeastern region, and Intercement for those in the southeastern states of Rio de Janeiro, Espirito Santo and Minas Gerais, according to the sources. Any acquisition is subject to approval by Brazilian antitrust watchdog CADE.

Intercement declined to comment. LafargeHolcim, Apodi and Mizu did not respond to requests for comments outside business hours on Saturday. Votorantim Cimentos said on Sunday that it is always "attentive to market opportunities" but has not bid for Lafarge assets.

The sale, managed by the investment banking unit of Itau Unibanco Holding SA, will not go through a second round of bids, and Lafarge will negotiate with each bidder, the sources said.

A deal may be announced in August, they added. (Reporting by Tatiana Bautzer and Carolina Mandl in Sao Paulo; Editing by Richard Chang and Daniel Wallis)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
COMPANHIA SIDERÚRGICA NACIONAL -3.59% 29.03 End-of-day quote.-8.85%
HOLCIM LTD -0.70% 45.51 Delayed Quote.-6.40%
ITAÚ UNIBANCO HOLDING S.A. -1.39% 28.31 End-of-day quote.-10.50%
TITAN CEMENT INTERNATIONAL SA -0.39% 15.3 Delayed Quote.11.35%
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Financials
Sales 2021 1 655 M 1 939 M 1 939 M
Net income 2021 106 M 124 M 124 M
Net Debt 2021 657 M 770 M 770 M
P/E ratio 2021 11,8x
Yield 2021 3,14%
Capitalization 1 178 M 1 380 M 1 381 M
EV / Sales 2021 1,11x
EV / Sales 2022 1,01x
Nbr of Employees 5 372
Free-Float 61,3%
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Mean consensus BUY
Number of Analysts 6
Last Close Price 15,30 €
Average target price 20,48 €
Spread / Average Target 33,9%
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Managers and Directors
Michael H. Colakides Group CFO, Managing Director & Executive Director
Grigoris Dikaios Chief Financial Officer
Efstratios-Georgios Arapoglou Chairman
Vassilios Zarkalis Group Chief Operating Officer & Executive Director
Eleni Papapanou Secretary & Compliance Officer
Sector and Competitors
1st jan.Capi. (M$)
TITAN CEMENT INTERNATIONAL SA11.35%1 380
ANHUI CONCH CEMENT COMPANY LIMITED-9.78%34 226
HOLCIM LTD-6.40%30 084
JAMES HARDIE INDUSTRIES PLC37.91%17 003
SHREE CEMENT LIMITED22.48%14 377
TAIWAN CEMENT CORP.18.75%11 658