Carmeuse, through its Chilean subsidiary Carmel Holding, has launched a $505 million (approximately €435 million) bid to acquire Cementos Bío Bío, one of Chile’s largest cement producers.
The Walloon family-owned group Carmeuse, a global leader in limestone production with a turnover nearing €2 billion, has already secured agreements with major shareholders holding nearly two-thirds of the company. This acquisition is one of the largest by Belgian companies this year, according to reports from De Tijd and L’Echo on Thursday.
Cementos Bío Bío, named after the Bío Bío region in Chile south of the capital Santiago, sold 1.2 million tonnes of cement last year and also offers ready-mix concrete and lime. Last year, the company generated revenue of 368 billion pesos (equivalent to €328 million) and posted a net profit of 32.4 billion pesos (€28.8 million).
Carmeuse is offering $1.911 per share for all shares of Bío Bío listed on the Santiago Stock Exchange, aiming to secure at least 66.67% of the shares. The Belgian company already has agreements for 64.6% of Bío Bío. Five major shareholders, including Inversiones Cementeras of the historical Briones family, have signed agreements to sell their shares to Carmeuse.
The next step is to launch a public bid by 13 August at the latest.
