Belgium-based Titan Cement International has submitted a share exchange offer to shareholders of Athens-listed Titan to facilitate new listings in Brussels and Paris.
Titan Cement International, which aims to become Titan’s parent company managed from Cyprus, offered Titan’s shareholders the opportunity to exchange their shares for shares issued by the entity at a 1-for-1 swap ratio.
The move was aimed at helping facilitate the group’s listing on Euronext Brussels, as well as secondary listings on the Athens Stock Exchange and Euronext Paris, Titan said late on Tuesday.
Titan Cement International said that new listings will help access international debt markets, secure financing at more a favorable cost and boost share liquidity.
Titan Cement International currently holds about 20.5 percent in Titan and wants to acquire full control of the company. The minimum acceptance threshold for the offer to succeed is set at 75 percent, Titan said.
A similar offer to Titan’s shareholders made last year failed to secure the required acceptance threshold. [Reuters]