S&P: Italcementi, Ciments Francais to developing

Standard & Poor's said it revised its outlooks on Italcementi SpA and its core subsidiary Ciments Francais SA to developing from stable and affirmed its BB/B long- and short-term corporate credit ratings on both companies.

The actions follow the announcement of HeidelbergCement AG (not rated) that it entered into an agreement to purchase Italmobiliare SpA's 45% shareholding in Italcementi. The purchase price is about €1.67 billion, which HeidelbergCement expects to pay in cash and through share issuance.

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