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| Cemex intends to consolidate Trinidad Cement Limited and its subsidiaries Cemex, S.A.B. de C.V. announced that one of its indirect subsidiaries, Sierra Trading, will present an offer and take-over bid to all shareholders of Trinidad Cement Limited ("TCL") to acquire up to 132,616,942 ordinary shares in TCL for TT$4.50 in cash per TCL share. Full acceptance of the offer would result in a cash payment by Sierra of approximately TT$597 million (U.S.$89 million). The offer price represents a premium of 33.1% over the December 1, 2016 closing price of TCL's shares in the Trinidad and Tobago Stock Exchange. Among other conditions, the offer will be conditional on Sierra acquiring at least an amount of TCL shares that would allow Cemex to consolidate TCL. Unless extended, the offer period is expected to close on January 10, 2017. TCL's main operations are in Trinidad and Tobago, Jamaica and Barbados. TCL is the majority shareholder of Caribbean Cement Company Limited ("CCCL"), a main cement producer in Jamaica. write your comments about the article :: © 2016 Construction News :: home page |