Cemex's Spanish unit looks to buy outstanding shares of LatAm subsidiary

BOGOTA, Sept 8 (Reuters) – The Spanish unit of global cement maker Cemex has informed Colombian regulators of its interest in buying the shares it does not own in subsidiary Cemex Latam Holdings (CLH).

Trading in CLH shares on the Colombian stock exchange was suspended on Tuesday until the following work day after publication of the offer, the date of which was not disclosed.

Cemex’s Spanish unit will offer 3,250 Colombian pesos per outstanding CLH share, the financial superintendency said in a statement late on Monday.

The offer price represents a near 16% premium on CLH’s Monday closing price of 2,805 pesos a share.

About 57.5 million CLH shares are in circulation, while Cemex’s Spanish unit owns 76.97% of the subsidiary’s shares, according to Refinitiv.

CLH has a market value of 1.62 trillion pesos ($437.5 million).

($1 = 3,702.62 pesos)

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