CEMEX'S offer for TPI Polene expires unaccepted
October 17, 2001
CEMEX, S.A. de C.V. (NYSE: CX) announced today that its offer to TPI Polene Pcl creditors' steering committee, under which the company could acquire a controlling stake in TPI Polene, is no longer effective since the time period for its acceptance has expired.
CEMEX had been in conversations with the steering committee, and presented to them the revised offer on October 12th, which was valid until October 17th, 2001 at 6:00 p.m. Bangkok local time. CEMEX did not receive a satisfactory answer from the steering committee; therefore, the offer is no longer in effect.
"We are disappointed with the committee's reaction to the formal terms of our revised offer, which is a culmination of a significant effort towards achieving an acceptable proposal for all involved parties within the guidelines set forth by the steering committee and the planner for TPI Polene. CEMEX will continue to monitor the situation with interest," said Hector Medina, Executive Vice President of Planning and Finance for CEMEX.
CEMEX is one of the three largest cement companies in the world, with approximately 78 million metric tons of production capacity. It is also the world's largest trader of cement and the world's leading producer of white cement. CEMEX is engaged in the production, distribution, marketing, and sale of cement, ready-mix concrete, aggregates, and clinker through operating subsidiaries on four continents. For more information, visit www.cemex.com.
Daniel Pérez Whitaker
(528) 152 2747
(528) 328 3631
José Antonio González