Cemex Said to Target Latin America Unit IPO for October
Cemex SAB (CEMEXCPO), the largest cement maker in the Americas, told investors in Bogota today it plans to carry out the initial public offering of its Central and South America unit as soon as next month, according to three people who attended the presentations.
The company said the listing of Cemex Latam Holdings SA in Colombia may take place in about five weeks, according to the people, who asked not to be identified because the meetings were private.
Monterrey, Mexico-based Cemex may seek to raise about $1 billion by listing the unit, a person familiar with the matter who asked not to be identified because the process is private said earlier this month.
Jorge Perez, a Cemex spokesman, declined to comment today on the timing of the share sale. The company said last month that it planned to sell a minority stake in its Central and South American businesses. Cemex must make a $1 billion payment to banks next year under a proposed new refinancing agreement.
Cemex hired Banco Bilbao Vizcaya Argentaria SA and Citigroup Inc. (C) to lead the sale in Colombia, according to the three people who asked not to be identified because the arrangement is private. Bank of America Merrill Lynch and Banco Santander SA are also involved in the sale, the people said.
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