Cemex bids £2.3bn for RMC

Cemex, the world's third largest cement producer, has launched a £2.3bn takeover bid for RMC.
Cemex will also take on RMC's £890m debts, lifting the total cost of the acquisition to £3.2bn.
A Cemex spokeswoman said: "Cemex wants more vertical integration and RMC offers that. The group wants to be big in Europe, particularly eastern Europe, and RMC will also give that."
Cemex was founded in Mexico in 1906. It now has 26,000 employees and produces 82 million tonnes of cement globally each year.
RMC, the world's largest producer of ready-mixed concrete, has been labouring under the burden of high debts, the result of poor trading and costly acquisitions - including that of
Rugby Cement.
RMC's financial results for 2003 were woeful, as exceptional charges of £270m dragged the group to a £130m loss.
RMC shareholders have been told that the RMC board is backing Cemex's bid. The offer proposes 855p in cash for RMC shares, representing a premium of 43% to the market price on the day before the bid was unveiled.