Germany's largest cement maker, HeidelbergCement, has agreed to buy a 45% stake in Italcementi for $2.6 billion and intends to buy the rest of its Italian rival in the latest round of consolidation in the industry.

Assuming regulators approve the deal, HeidelbergCement said in a statement

In the event that the Stock Purchase Agreement is consummated, HeidelbergCement AG or one of its subsidiaries will make a mandatory public cash offer under Italian law to all remaining Italcementi shareholders to acquire their shares at the price provided for by applicable law (the "Mandatory Offer") that as of today is expected to be equal to EUR 10.60.

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