... AG's (HC) business profile, already compatible with an investment-grade rating, will benefit from its acquisition of Italcementi due to increased geographical diversification and solid market positions across a wider global manufacturing network. The acquisition reinforces HC's position as the world's leading aggregates producer with around 275 million tonnes aggregate capacity, ranking second globally in cement and third in ready-mix products. Complementary Italcementi Plants: Fitch Ratings considers HC's strategic rationale for the acquisition of Italcementi sound. The two groups have a broadly complementary manufacturing footprint, with Italcementi opening up new attractive growth markets for HC in Thailand, Egypt and Morocco. Some overlap exists in the US, Canada, India and Kazakhstan, where we expect good growth in the coming years. High Leverage: We consider the acquisition, which adds pro forma net debt of around EUR5.9bn...
