MILAN, March 6 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)