Italian cement maker Italcementi said on Friday it has agreed to acquire a stake in West China Cement as the group moves to strengthen its position in the world's largest building materials market.
In a statement on Friday Italcementi said that when the deal is complete it will own a stake of around 6.25 percent in West China Cement (WCC) to become the company's third largest shareholder.
Under the agreement Italcementi will sell to WCC Shaanxi Fuping Cement Company, which also owns 35 percent of Shifeng Cement, against the subscription of a reserved capital increase of WCC.
Italcementi will underwrite 284.2 million new shares in WCC at HK$ 2.1815 per share, it said.
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