June 12, 2014 / 11:20 AM / in 5 years

Italcementi's bid on Ciments Francais to start on June 13

MILAN (Reuters) - Italian cement maker Italcementi said on Thursday its takeover bid on its French unit Ciments Francais would start on June 13 and end on July 3.

The takeover is part of the company’s plan to streamline its group structure and will lead to the delisting of Ciments Francais’ from the Paris stock exchange, Italcementi said in a statement.

If Italcementi holds a stake of more than 95 percent of its unit at the end of the bid, it will initiate a squeeze out on remaining Ciments Français shares at 79.5 euros per share, the same price of the tender offer.

This procedure will take place inside three 3 months from the end of the takeover bid, Italcementi said.

Reporting by Francesca Landini

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