25.02.2021 12:36

Sale of EUROCEMENT Group Will Be Two-Stage Procedure

Andrey Stepanenko, General Director of the Auction House of the Russian Federation (RAD), spoke about Sberbank (Sber) selling EUROCEMENT group assets. It’s going to be a two-stage procedure. It also became known that foreign companies are also allowed to participate in the auction. The head of the RAD noted that there are several interested parties, but no proposals have been received at the moment.

At the first stage of trading, from February 18 to March 15, 2021, offers with price proposals from potential investors are accepted. Based on the results of the first stage, a list of participants will be formed. Those participants will continue the bidding within the framework of the second trading session.
The deal includes Sber's claims to EUROCEMENT under credit and other agreements, 100 % of shares in GFI Investments Limited (the parent company of EUROCEMENT group), 4 % of shares in EUROCEMENT Holding AG.

The auction assumes an irrevocable offer for a period of five months. Participants are required to make a deposit of RUB 1.5 billion, which they can return after this period.

The collection of proposals at the first stage will be carried out in a closed format. At the second stage, it is possible that the minimum price will already be offered to the participants. Reverse auction is also considered as an option within the framework of the trading session. The final choice of the winner will be made by Sberbank based on the price and other conditions.

In October 2020, the quarterly report of Sberbank (Sber) revealed that the company had consolidated 100 % of the shares of the cement holding and is looking for investors to subsequently sell all its shares.

EUROCEMENT group is an international industrial holding, a leader in the production of building materials in Russia. EUROCEMENT group is one of the five largest private world cement companies, unites 19 cement plants in Russia and abroad, as well as plants for the production of concrete, reinforced concrete products, quarries for the extraction of nonmetallic materials. The production capacity of the Holding's enterprises is over 60 million tons of cement and over 11 million m3 concrete. The stocks of nonmetallic materials are over 5.5 billion tons.
Region: Russia
Source: RIA Novosti
Image source: EUROCEMENT group
Tags: contracts
The use of materials published on the site is allowed only with the reference to the source (the journal «Cement and its application») and a hyperlink to the quoted material.
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The use of materials published on the site is allowed only with reference to the source (the journal «Cement and its application») and a hyperlink to the quoted material.
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