Nigeria’s Dangote Triggers Panic in Germany

According to a Reuters report, Dangote cement triggered panic buying in Germany after it showed interest in taking over a cement company.

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HeidelbergCement rushed to buy control of Italcementi after an African rival also showed interest in the Italian cement maker, but a counter bid is highly unlikely, three sources close to the matter told Reuters.

One of the sources said Nigeria’s Dangote Cement had been circling Italcementi but did not make a formal offer.

Carl Franklin, head of investor relations at Dangote, said the company did not comment on specific rumours “but as a large company we examine all options for growth”.

Germany’s HeidelbergCement on Tuesday agreed to purchase 45 percent of Italcementi and bid for the rest in a deal that values its smaller Italian rival at 6.7 billion euros ($7.4 billion).
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