Italcementi SpA (0.2%) (IT – $11.14/€10.25 – Milan Stock Exchange) (MIL:IT, Financial), based in Bergamo, Italy, is the fifth largest cement producer in the world. On July 28, 2015, HeidelbergCement announced it would acquire a 45% stake in the company through a tender offer worth €3.7 billion, or €10.60 per share. The remaining 55% will be purchased through another tender offer with the same terms, at a later time. Following regulatory approval, the transaction is expected to close in 2016.
From Mario Gabelli (Trades, Portfolio)'s ABC Fund Merger and Arbitrage shareholder letter for the fourth quarter 2015.
