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