Aug 15 2005 |
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Misr Cement Denies Report That French-Based Lafarge Seeking Takeover
Beirut (APD) - The Cairo-based Misr Cement Company ( Qena ), denied media reports that the French-based Lafarge SA, the world's number one cement maker, is considering a $270 million takeover bid, sources at the Cairo & Alexandria Stock Exchanges said Sunday.Bloomberg reported Sunday that Qena informed the Cairo & Alexandria Stock Exchanges that the report today in the independent business weekly Al-Mal was "untrue," said. No one at Qena 's office in Cairo answered a telephone call seeking comment.
If Lafarge, which already controls two other Egyptian cement makers, Beni Suef Cement Company and Alexandria Portland Cement Company, were to buy Qena , it would become Egypt's third-largest cement producer by capacity.
Egypt's total cement production capacity rose 3.7% to 40.4 million tons a year in 2005 from the previous year, according to a June research note from Cairo-based brokerage Prime Securities. It said Qena accounts for 3.5% of the nation's total cement production capacity.
© APD (Arab Press Digest) 2005
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