An­tho­ny Wil­son

Mex­i­co's ce­ment gi­ant, Ce­mex, this morn­ing an­nounced that it will be mak­ing a takeover bid for Clax­ton Bay-based Trinidad Ce­ment Ltd.

Ce­mex, through one of its in­di­rect sub­sidiaries Sier­ra Trad­ing, is look­ing to ac­quire 132,616,942 shares at a price of $4.50 in cash per TCL share.

The pro­posed of­fer price rep­re­sents a 33.13 per cent pre­mi­um over TCL's price of $3.38 at the close of trad­ing on Fri­day.

Ce­mex cur­rent­ly owns 39.5 per cent of TCL, which an­nounced at the end of Oc­to­ber that its rev­enue had de­clined by 12.2 per cent for the first nine months of 2016, which it said had been caused by a "pre­cip­i­tous fall in con­struc­tion ac­tiv­i­ty in Trinidad and To­ba­go."