Humes hits highway
The Mexican concrete giant that bought Rinker has put its first Australian asset up for sale.
Mexican cement giant Cemex has turned to a Merrill Lynch team to find a buyer for its Humes concrete pipe business in Australia, the first asset inherited through the takeover of Rinker to be offered for sale.
Merrill won the mandate despite only working behind the scenes on the $17 billion Rinker bid, where the joint lead advisors were Citi and JPMorgan.
However, one of the key members of the Citi team on that transaction, Andrew Cox, has since moved to Merrills to head up its financial sponsors division and is working on this transaction as part of a team led by Gautam Chari.
Allens Arthur Robinson, which also worked on the Rinker purchase, is handling the legals.
The Humes business includes 16 plants that make pipes and other concrete products. It has annual sales of around US$234 million and is closely tied with the infrastructure industry.
Cemex has chosen to sell the asset to help reduce debt levels as it faces sharp slowdowns in the US and key European markets.
Merrill won the mandate despite only working behind the scenes on the $17 billion Rinker bid, where the joint lead advisors were Citi and JPMorgan.
However, one of the key members of the Citi team on that transaction, Andrew Cox, has since moved to Merrills to head up its financial sponsors division and is working on this transaction as part of a team led by Gautam Chari.
Allens Arthur Robinson, which also worked on the Rinker purchase, is handling the legals.
The Humes business includes 16 plants that make pipes and other concrete products. It has annual sales of around US$234 million and is closely tied with the infrastructure industry.
Cemex has chosen to sell the asset to help reduce debt levels as it faces sharp slowdowns in the US and key European markets.
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