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Italtile/Ceramic Industries deal completed

28 Nov 2012

The joint offer by tile maker Italtile and Rallen - the majority shareholder of both Italtile and Ceramic Industries (CRM) - to acquire a portion of Ceramic from independent shareholders was successfully concluded and was now closed‚ Ceramic said on Monday, 26 November 2012.

The joint offer saw Italtile acquire 20% of Ceramic's issued share capital‚ and Rallen acquire 7.1% of Ceramic's issued shares.

Ceramic was one of Italtile's key suppliers of tiles‚ sanitaryware and baths‚ and Italtile said in August the deal was aimed at supporting its growth objectives and strengthening its relationship with Ceramic.

In accordance with the deal‚ Ceramic is in the process of delisting.

The offer closed at midday on Friday‚ 23 November‚ and was "validly accepted by Ceramic shareholders other than Rallen and its subsidiaries‚ GAM Ravazzotti and Ceramic's subsidiary companies‚ in respect of 5‚497‚832 of their Ceramic shares‚ or 27.1% of Ceramic's issued share capital".

Ceramic share certificates would be posted to independent Ceramic shareholders who had elected to retain all or some of their shares in the company‚ at their own risk‚ on or about Tuesday‚ 27 November‚ Ceramic said.

In September‚ Ceramic reported that for the year ended July‚ operating profit from tiles operations fell 39.4% to R105.6m‚ although the sanitaryware division grew operating profit by 29.5% to R22.8m.

Overall‚ group headline earnings declined 22% to R103.5m‚ with headline earnings per share falling to 606.2c‚ from 785.3c in the previous year.

Trading conditions in the group's South African and Australian tile markets "remained difficult" during the year to July‚ the group said.

Source: I-Net Bridge

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