Mexican conglomerate Cemex has succeeded in its bid to take over Trinidad Cement Limited (TCL) which has a controlling stake in Caribbean Cement Company.
Cemex, through its subsidiary Sierra Trading, now controls 67.39 per cent of TCL. The company made the announcement in a statement on Tuesday.
Cemex said based on latest information, TCL stockholders deposited 104.5 million shares in response to the offer.
CEMEX earlier this month revised its TCL takeover offer and raised it from TT$ 4.50 cents to $5.07 cents per stock.
TCL's main operations are in Trinidad and Tobago, Jamaica as well as Barbados.
CEMEX is a global building materials company that provides products and services to customers in more than 50 countries.