Italmobiliare SpAs Sells Italcementi Stake to HeidelbergCement for €1.67 Billion

Cleary Gottlieb represented Italmobiliare SpA in the €1.67 billion sale of its stake in its subsidiary, Italcementi SpA, to HeidelbergCement.

The transaction was announced in July 2015 and notified to the European Commission in April 2016.

The combined entity will be the second-largest cement producer in the world, the market leader in aggregate and the third global operator in the ready-mix concrete sector.

On May 26, 2016, the European Commission cleared the transaction. The clearance is conditional on HeidelbergCement selling Italcementi’s business in Belgium.

Cleary is also assisting Italcementi before the U.S. Federal Trade Commission.