RMC adds twist to Ennemix bid
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The protracted bid battle for Ennemix, the aggregates tiddler, took another twist yesterday when French group Lafarge increased its cash offer to 52.5p per share, valuing the company at pounds 10m.
Lafarge's move came minutes after the stock market closed and followed reports that RMC, another industry giant, had increased its stake in Ennemix to 5 per cent after buying more than 1 million shares in the market at Lafarge's new offer price.
Lafarge said its UK subsidiary Norbrit yesterday bought 618,500 Ennemix shares and now speaks for 49 per cent of the company. Dealers noted another active session in the shares, which closed 4p higher at 55p.
Derek Jenkins, RMC finance director, confirmed his company had been in the market buying Ennemix's shares for the third day running, though he thought RMC's stake in Ennemix now stood at "just over 2 per cent".
Dealers reckoned RMC's move was an attempt to prevent rival Lafarge acquiring the 90 per cent of Ennemix it requires to mop up the whole group.
But Mr Jenkins denied that RMC had sought to spoil Lafarge's previous, agreed, 46p per share bid for Ennemix by purchasing stock through broker James Capel at 50p.
"It is a strategic move," he insisted last night. "We won't make a bid for Ennemix." RMC plans to issue another statement to the Stock Exchange today.
RMC is the third large construction company to show an interest in the tiny East Anglian-based quarries group. In April, Ennemix defeated a hostile pounds 6.7m bid from Redland, the building materials group, which involved appeals to the Takeover Panel and disagreements about the valuations of Ennemix's nine quarries and 16 concrete plants.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments