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| Italcementi acquires interest in Sider Navi  The Italcementi Group acquires, through its Medcem joint venture with the Romeo shipping group, an interest in Sider Navi, in exchange for Medcem assets. The group will join the other Sider Navi partners, Duferco, Premuda, Romeo Group and Nina Finance. At closing, the interest held by Premuda will be transferred to the parent, Navigazione Italiana. Sider Navi is a leading name in the Handysize sector (carriers with a capacity between 15,000 and 35,000 tonnes) and reported 2006 consolidated revenues of approximately 22 million euro. It operates from Genoa, with its own fleet of 4 carriers plus 4 vessels run on a time charter basis; 7 new ships are under construction and will be delivered by the end of 2009.The transaction provides for Medcem to transfer its White Shark carrier to Sider Navi in exchange for a 20% interest in Sider Navi (440,000 shares) for an amount of 5.2 million euro, through a pro-quota sale by Sider Navi's 4 current shareholders. The White Shark carrier, with a cargo capacity of approximately 29,000 tonnes, was launched in 1998. On completion of the transaction, which will generate a capital gain of more than 2 million euro, Medcem will continue to own the Turbocem self-discharging cement carrier that marked the group's entry into the shipping business in 2005. write your comments about the article :: © 2007 Construction News :: home page |