Elementia and Fortaleza request permission to launch takeover bid

Elementia Materiales and Fortaleza Materiales, both companies in the construction sector that spun off their businesses last September, submitted the request to proceed with the delisting of their shares on the Mexican Stock Exchange (BMV).

In the documents sent to the Mexican regulator, they indicated that they plan to carry out a separate public acquisition offer (OPA) on February 7, which will remain in force until March 7, 2022.

Fortaleza Materiales pointed out that it seeks to buy 17.59% of the shares that are floating in the market or a total of 103 million 093,625 titles. While Elementia Materiales is going for 17.61% of the outstanding capital stock, equivalent to 103 million 230,951 papers.

Regarding the conditions of the operation that both companies in the construction sector will launch next year, the request does not yet appear the purchase price for each title.

However, in a previous statement, the two companies said that at the extraordinary shareholders’ meeting, held on Wednesday, November 24, it was approved to launch the offer and they were analyzing paying a price that does not exceed 19.60 pesos for each of the shares. object of the takeover bid.

Until the close of this Thursday, December 16, the shares of Fortaleza Materiales were trading at a price of 17.70 pesos per unit and those of Elementia Materiales at 17.45 pesos each.

“The ultimate purpose of the offer is the cancellation of the registration of the shares representing the issuers’ capital stock in the National Securities Registry and, consequently, the cancellation of the list of shares on the BMV,” the notice reads preliminary offer.

Elementia Materiales is dedicated to offering solutions for the construction industry and is the main fiber cement producer in Latin America. It has a platform of more than 4,000 products in Mexico and the United States. Fortaleza Materiales is a cement company that owns the Cementos Fortaleza brand.

There have always been failures

José Oriol Bosch, general director of the Mexican Stock Exchange, said on Wednesday of this week that there have always been failures in the local stock market.

This year, some seven issuers announced that they are analyzing and are in the process of delisting their shares on the Stock Market, among them Grupo Lala, Bio Pappel, Maxcom Telecomunicaciones, Urbi and Fortaleza and Elementia that are close to launching a public offering of acquisition of their titles.

“Historically there have always been companies that have come and gone, that have left. There are also many stations that have reduced the number because there have been mergers, “he said.

However, he stressed that the companies that have decided to leave the stock market respond to particular decisions that have to do with strategy issues of each company, which does not mean that they cannot return to the market again.

“What we have to keep working on is not focusing on the number of failures, which there have always been, but on seeing how we can grow the market so that the final number, of those that come and go, continues to grow and that is going to do. a greater stock market ”, expressed José Oriol Bosch.

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