Competition Commission of India (CCI) on 24 September 2015 approved German firm Heidelberg Cement's proposed acquisition of Italcementi SpA.
In July 2015, the German firm had announced plans to buy Italcementi SpA through a transaction worth about 3.7 billion Euros.
As per the deal, Heidelberg will take over Italmobiliare's 45 percent stake in Italcementi and consequently make an open offer to other stakeholders. Italmobiliare SpA is the primary shareholder of Italcementi SpA with 45 per cent stake.
HeidelbergCement was founded on 5 June 1874 by Johann Philipp Schifferdecker, at Heidelberg, Baden-Württemberg, Germany. It is a multinational building materials company. It was the world's third largest cement producer in 2010.
Italcementi is an Italian multinational company which was founded in 1864 in Bergamo, Italy. The company manufactures cement, ready-mix concrete and construction aggregates. It is the 5th largest cement producer in the world.
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