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Italtile offer for Ceramic stake unchanged

Tile maker Italtile (ITL) says its offer of R130 per share for Ceramic Industries (CIL)‚ a maker of sanitary ware and floor and wall tiles‚ will remain the same.

Last month Italtile made a bid to acquire 15%-20% of Ceramic Industries to support Italtile’s growth objective.

Ceramic Industries is one of Italtile’s key suppliers of tiles‚ sanitary ware and baths.

Ceramic Industries said in March that operating profit from its tiles division fell 35‚6% while its sanitary ware division’s operating profit rose 27‚2% in the interim period to January. - I-Net Bridge

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