Displaying items by tag: acquisition
Evraz Highveld sets 21 August 2015 offer deadline
17 August 2015South Africa: Evraz Highveld Steel & Vanadium Ltd. has set a 21 August 2015 deadline for the receipt of final binding offers for the company.
Potential buyers who have met the US$10m cash requirement have proceeded to the due-diligence phase, granting them access to a 'virtual data room,' as well as scheduled site visits and discussions with the management team and 'other relevant stakeholders.' The virtual data room will also close on 21 August 2015, after which binding offers will be evaluated from 24 August 2015 to 27 August 2015. The successful bidder will be announced 28 August 2015.
Evraz Highveld Steel & Vanadium Ltd., which entered business rescue proceedings in April 2015, will publish its business rescue plan 31 August 2015 and hold a 7 September 2015 meeting to discuss details. The company's Mapochs Mine, also in business rescue proceedings, is set to publish its plan on 30 September 2015.
US: Essroc, part of Italcementi, has acquired the Holcim (US) slag cement grinding plant in Camden, New Jersey, according to MarketLine. As part of the transaction, Essroc will also obtain Holcim's cement terminal in Everett, Massachusetts, US. Upon completion of the transaction, Holcim's staff in Camden and Everett will join Essroc. The transaction is expected to be completed later in 2015. The acquisition will allow Essroc to strengthen its position in the sustainable building products market.
US: Essroc Italcementi Group has signed an agreement with Holcim to purchase its slag cement grinding facility in Camden, New Jeresy. As part of the transaction, Essroc will also obtain Holcim's cement terminal in Everett, Massachusetts. The acquisition will finalise when the pending Holcim and Lafarge merger completes later in 2015.
"The acquisition of the Camden slag grinding facility reiterates Essroc's commitment to the northeast market," said Francesco Carantani, Essroc's president and chief executive officer. "With the focus on sustainability and durability, there is a projected growth in the demand and usage of slag cement."
The Camden facility can produce upwards of 700,000t/yr of slag cement. Essroc currently produces slag cement at its Picton, Ontario, and San Juan, Puerto Rico, cement plants and at its slag grinding facility in Middlebranch, Ohio. With the addition of Camden, Essroc has a combined annual production capacity in excess of 1Mt/yr. Holcim's staff in Camden and Everett will join Essroc once the transaction completes.
US: Lafarge and Holcim have announced further details on the package of assets that they propose to divest in the US as part of their planned merger to create LafargeHolcim. The divestments include:
- Lafarge's 1.1Mt/yr Davenport cement plant in Iowa and seven terminals along the Mississippi River. The units will be sold to Summit Materials for US$450m in cash plus Summit's Bettendorf, Iowa cement terminal;
- Holcim terminals in Michigan and Illinois;
- Holcim Skyway 600,000t/yr slag grinding station in Illinois;
- Holcim Camden 700,000t/yr slag grinding station in New Jersey, along with a terminal in Massachusetts.
The proposed divestments have been negotiated with the staff of the Federal Trade Commission and remain subject to review and approval by the commission. The divestments will be completed subject to acceptance by the commission and to the closing of the merger between Holcim and Lafarge.
Chifeng Jilong Gold Mining plans to buy Chenzhou Xiongfeng
06 February 2015China: Chifeng Jilong Gold Mining plans to take over 100% of the equities in Chenzhou Xiongfeng Rare & Precious Metal Materials through a share offering and cash payment. The target equities were assessed at US$145m. Chenzhou Xiongfeng recycles metals like bismuth, silver, gold and palladium from nonferrous metal smelting slag. Chifeng Jilong Gold Mining will raise capital by selling shares to not more than ten investors and the financing will be not more than 25% of consideration for the deal.
China Magnesium Corp takes acquires 60% stake of FMW
02 February 2015China: China Magnesium Corporation Ltd (CMC) has executed and commenced a cooperation agreement with Pingyao County Fengyan Mineral Wool Co Ltd (FMW), effective from 1 February 2015. The effect of the agreement is that CMC will have a 60% economic interest in FMW, control a majority of the FMW board seats and be responsible for the management of FMW's business.
FMW is an established and profitable medium-sized metallurgy company based in Pingyao, Shanxi Province. It is a wholly-owned subsidiary of Fengyan Coal & Coke Group Company Ltd. FMW can produce 150,000t/yr of ferronickel and uses the waste slag from the ferronickel production to produce mineral wool and mineral wool acoustic board products, among other industrial products. It currently purchases all of CMC's semi-coke to use in its ferronickel production. Any external ferronickel requirements in respect of CMC's recycling and production are also currently supplied to CMC by FMW.
Yue Da Mining's Vietnam slag factory deal lapsed
06 January 2015Vietnam: Yue Da Mining has said that the agreement for the proposed acquisition of a titanium slag business in Vietnam has lapsed as certain conditions were not fulfilled on 31 December 2014 and the long stop date was not further extended. Yue Da Mining believes that the termination will not have any adverse impact on its existing business.
In other news, Wang Lian Chun has been appointed as non-executive director and a chairman of the Yue Da Mining board. Chen Yunhua tendered his resignation as non-executive director and chairman due to retirement. Dong Li Yong also tendered his resignation as non-executive director and vice chairman of the Board due to personal commitment.
POSCO sells POSFINE for US$27.5m
02 January 2015South Korea: South Korea's steelmaker POSCO has offloaded its shares in POSFINE Co, a slag powder producer, to a private equity fund for an estimated US$27.5m.
Under the deal, POSCO sold its 69.22% stake in POSFINE to Hahn & Co. The move came two months after POSCO had opened talks with the fund in line with its reorganisation efforts. Hahn & Co also reportedly plans to acquire the remaining shares in POSFINE from Tongyang Cement & Energy Corp, Lafargehalla Cement Corp and SSangyong Cement Industry Co.