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Article: CEMEX Announces Plans to Reduce Net Debt By US$162 MM From the Announced Banacci Transaction.
- Article from:
- Business Wire
- Article date:
- May 22, 2001
CopyrightCOPYRIGHT 2001 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Business Editors
MONTERREY, Mexico--(BUSINESS WIRE)--May 22, 2001
CEMEX, S.A. de C.V. (NYSE: CX), announced today that it intends to accept the CITIGROUP offer on 1.32% ownership in BANACCI shares.
At current BANACCI share market prices, this would amount to approximately US$162 million. This BANACCI position has been held for close to ten years and was bought during the bank privatization process. The decision to sell this long-term investment, will lead to the recognition of an extraordinary gain of approximately US$130 million during the second quarter of 2001 at current BANACCI market price levels.
Rodrigo Trevino, Chief Financial ...