+
San Miguel Corp to buy Eagle Cement via P97-B takeover deal
Cement

San Miguel Corp to buy Eagle Cement via P97-B takeover deal

As billionaire Ramon S. Ang consolidates his businesses, conglomerate San Miguel Corp plans to take control of subsidiary Eagle Cement in a P97 billion deal.

In a stock exchange statement, SMC stated that its board of directors and the related party transaction committee approved the acquisition of 88.5 per cent of Eagle Cement, a publicly traded cement company, at the approved price of P22.02 per share.

This was a 43 per cent increase over Eagle Cement's previous closing price of P15.40 per share. SMC will also make a mandatory tender offer to the minority owners of Eagle Cement.

Ang is the president and COO of SMC, one of the country's largest corporations with operations in food, beverages, power, and infrastructure.

As billionaire Ramon S. Ang consolidates his businesses, conglomerate San Miguel Corp plans to take control of subsidiary Eagle Cement in a P97 billion deal. In a stock exchange statement, SMC stated that its board of directors and the related party transaction committee approved the acquisition of 88.5 per cent of Eagle Cement, a publicly traded cement company, at the approved price of P22.02 per share. This was a 43 per cent increase over Eagle Cement's previous closing price of P15.40 per share. SMC will also make a mandatory tender offer to the minority owners of Eagle Cement. Ang is the president and COO of SMC, one of the country's largest corporations with operations in food, beverages, power, and infrastructure.

Related Stories

Gold Stories

Next Story
Products

Interio by Godrej launches modular workplace solutions

Interio by Godrej has launched Workscapes, a modular workplace solutions category designed to help organisations configure and adapt workspaces to changing requirements. The portfolio combines mobile and compatible furniture and support elements that can be rearranged across different work modes without changes to fixed layouts.Workscapes includes Collaboration Tables, Privacy Solutions, Mobile Markerboards and Space Dividers, Power Solutions, Storage and Support Elements, Meeting and Presentation Tools, and Seating Elements. The range is designed for focused work, collaboration, informal disc..

Next Story
Infrastructure Urban

CAFE-III Gives Auto Industry Investment Clarity

The government’s new Corporate Average Fuel Economy (CAFE-III) norms have provided the automobile industry with a clearer framework for technology investments, according to industry representatives. The framework seeks to balance environmental objectives with flexibility for manufacturers while encouraging the adoption of flex-fuel vehicles and biofuels. Society of Indian Automobile Manufacturers (SIAM) President Shenu Agarwal said the five-year framework would give automakers greater predictability to plan investments and accelerate innovation. He said the regulation established annual targ..

Next Story
Infrastructure Energy

Mines Ministry to Auction Two Offshore Mineral Blocks in Andaman Sea

The Ministry of Mines will launch an auction of two offshore mineral blocks in the Andaman Sea on Thursday, seeking to unlock India’s offshore mineral potential and strengthen long-term mineral resource security. The blocks will be offered under a composite licence, which permits exploration and development activities in accordance with the applicable regulatory framework. The ministry said the auction was intended to encourage systematic exploration, attract investment and promote the use of advanced technologies for offshore mineral exploration and development. The initiative is also aimed..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code