Cemex公司23亿英镑收购英国RMC公司
英国RMC公司是世界最大的预搅拌混凝土公司,该公司在法国、西班牙、波兰、马来西亚等国家拥有1500多家混凝土工厂,400多家沙石采掘厂和50多家水泥厂,公司三分之二的收入来自欧洲,23%的收入来自美国。
Cemex公司的这次收购,是自2001年法国Lafarge公司47亿英镑收购英国Blue Circle公司成为世界第一之后的建材行业最大的一次收购。60岁的Cemex公司执行总裁说他希望这次的收购能使Cemex的销售收入每年增加 14%。
去年RMC公司在德国预混凝土行业失利,当时德国水泥需求被长达十年之久的建筑业衰退所牵制。在将一水泥厂出售给德国海德堡水泥公司之后,RMC公司就裁掉部分德国工作人员和一些工厂。RMC公司上半年在英国公路建筑方面的收入降低了63%,其它收入也由于供给问题而下滑。
有相关人士说,表面上看RMC公司对其它公司没有任何价值,Cemex公司大概是想扩展其在英国,德国和东欧的市场。
Cemex公司,控制了墨西哥60%的水泥市场,拥有西班牙最大的两家水泥公司,是世界第三大水泥公司。该公司总裁说,RMC公司在水泥、混凝土领域的地位将加强Cemex公司在这些地区的运营,同时也将巩固Cemex公司在全球建材行业的地位。
这是自1906年公司成立之后最大的一次收购。Cemex公司在一份声明中说到,Cemex公司希望这次收购能在今年年底完成。
原文:
Cemex to Buy U.K.'s RMC Group for 2.3 Billion Pounds
Cemex SA, the world's third-largest cement company, agreed to buy Britain's RMC Group Plc for 2.3 billion pounds ($4.15 billion) to double revenue and expand in concrete markets in Europe and the U.S.
``It's quite a nice offer, bordering on generous,'' said Yoon-Chou Chong, who oversees the equivalent of $5.5 billion at Aberdeen Asset Management, including 1 million RMC shares. ``It does feel like Cemex is paying a price to ensure a successful acquisition, and it shows the richness of the assets in RMC.''
Cemex is buying a business with $8.8 billion in annual revenue to help boost sales that grew only 2 percent last year. Revenue at RMC's biggest unit -- Europe excluding the U.K. and Germany -- increased by 5.8 percent in the first half. The company's German operation, hurt by a decline in construction demand, should return to profit next year, RMC said in March.
RMC operates more than 1,500 concrete plants, 400 sand and gravel quarries and 50 cement plants in countries including France, Spain, Hungary, Poland, Croatia, the Czech Republic and Malaysia. Two-thirds of RMC's 2003 sales came from Europe and 23 percent from the U.S.
`Cemex's agreed offer is the biggest in the building- materials industry since Lafarge SA of France acquired the U.K.'s Blue Circle Industries in 2001 for 4.7 billion pounds to become the No. 1 cement company. Lafarge wouldn't comment on the RMC purchase.
Switzerland's Holcim Ltd., No. 2 worldwide, has analyzed RMC several times and concluded ``that it's not a perfect match for Holcim and its strategy,'' said Roland Walker, a spokesman for the Swiss company, by telephone.
Zambrano, 60, said in a July interview that he was looking to make a purchase to help boost sales growth to as much as 14 percent annually.
RMC slid to a loss last year after incurring costs from its Readymix AG business in Germany, where cement demand has been curbed by a decade-long construction slump. The company has been cutting German jobs and plants after competition hurdles thwarted a plan to sell the unit to HeidelbergCement AG.
RMC's first-half profit fell 63 percent as a decline in U.K. road building hurt demand. Earnings were also crimped by supply problems at a cement plant in Rugby, central England.
``It seems unlikely that RMC can be worth more to anybody else,'' said David Taylor, a Teather & Greenwood analyst in London with a ``hold'' rating on RMC. ``Cemex presumably wants to extend its reach into the U.K., Germany and Eastern Europe. There is virtually no business overlap.''
Cemex CEO Zambrano transformed his company into the world's No. 3 cement maker from a regional, northern-Mexican business through acquisitions beginning with the purchase of two Spanish cement makers in 1992.
``RMC's strong positions in cement, aggregates and ready- mixed concrete will add to our existing operations in these areas and, combined with our global presence in cement products, enhance our leading position in the global building materials market,'' Zambrano, also Cemex's chairman, said in a joint statement with the U.K. company.
Biggest Purchase
The acquisition is the largest for Cemex since its creation in 1906, surpassing its $2.8 billion purchase of Houston-based Southdown Inc. in 2000. It will generate $200 million in annual savings, Cemex said.
Cemex, which controls about 60 percent of the Mexican cement market, acquired Spain's two largest cement producers -- Cia Valenciana de Cementos Portland SA and Sanson SA -- in 1992 and Venezuela's largest cement maker in 1994, helping fuel average annual growth of 18 percent over the past 15 years.
The company bought cement producers in Colombia and the Dominican Republic before making its first acquisition in Asia with the purchase of the Philippines' Rizal Cement. In 1998, Cemex acquired a minority stake in Indonesia's PT Semen Gresik.
Cemex said in the statement that it expects the RMC transaction to be completed by the end of this year. The boards of both Cemex and RMC approved the sale unanimously, it said.
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