Italcementi to launch 450 mln-euro rights issue

MILAN, March 6 Thu Mar 6, 2014 1:59pm EST

Related Topics

MILAN, March 6 (Reuters) - Italian cement maker Italcementi said on Thursday its board had approved the launch of a rights issue worth up to 450 million euros ($623 million) as part of a wider plan to boost its capital base and streamline the company's structure.

The plan envisages also the mandatory conversion of saving shares into ordinary ones and the launch of a takeover bid for its French unit Ciments Francais at 78 euros per share, the company said in a statement.

Under the mandatory conversion, each saving share will be converted into 0.65 ordinary shares.

Its controlling shareholder Efiparind's stake will remain above 45 percent following the capital increase, it said.

($1 = 0.7225 euros) (Reporting by Francesca Landini, editing by Danilo Masoni)