Herbert Smith Freehills has advised Italmobiliare on the sale of its 45% stake in Milan-listed Italcementi S.p.A. in Italy, to HeidelbergCement AG, one of the world’s largest building materials companies.

The firm's German corporate team was led by partners Ralf Thaeter and Markus Lauer, assisted by Berlin based associates Ralf Tietz and Genevieve Baker.

Italcementi Group is the world’s fifth largest cement producer with an annual production capacity of over 60 million tons and 46 cement plants.

HeidelbergCement will purchase Italmobiliare’s 45% stake in Italcementi at a price of €10.60 per share and therefore a total of approximately €1.67 billion. The closing of the Stock Purchase Agreement is subject to the relevant approvals by the competition authorities, particularly in Europe and in the USA, and is expected to take place in 2016. The combination of Italcementi and HeidelbergCement will create the global market leader in aggregates, the second largest producer of cement and the global number three in ready-mix concrete.
 
Luca Minoli from Gattai Minoli Agostinelli & Partners (Milan) advised on the main aspects of the transaction under Italian law. HeidelbergCement was advised by GleissLutz (Stuttgart, Germany, M&A), Hengeler Mueller (Frankfurt, Germany, Financing) and Studio Legale Sabelli (Rome, Italy).