Monday, May 21, 2007

Major Middle East Cement Player Sawiris Discloses 9.9% Stake in Texas Industries (TXI)

In an amended 13D filing on Texas Industries (NYSE: TXI), Nassef Sawiris/NNS Holding disclosed a 9.9% stake in the company.

In the filing the firm said, "The Reporting Persons intend to actively monitor efforts by management to increase stockholder value. The Reporting Persons may also decide in the future to propose a transaction whereby all or a portion of the Issuer be sold, and in connection therewith the Reporting Persons may seek to participate in such transaction or seek to acquire control of the Issuer in a negotiated transaction or otherwise. If the Reporting Persons should acquire control of the Issuer, they may transfer all or part of their holdings to affiliated or unaffiliated persons. The Reporting Persons also may seek in the future to have one or more representatives elected to the board of directors of the Issuer or to propose other matters for consideration and approval by the Issuer’s stockholders or board of directors."

Mr. Nassef Sawiris is Director and the Chief Executive Officer of Orascom Construction Industries (OCI) a leading cement producer and construction contractor active in emerging markets. OCI is based in Cairo, Egypt and employs more than 40,000 people in 20 countries. The OCI Cement Group is the largest cement producer in the Middle East and a leading regional cement exporter.

Texas Industries, Inc., together with its subsidiaries, engages in the production and supply of heavy building materials in the United States. It operates in three segments: Cement, Aggregates, and Consumer Products.

NOTE: Texas Industries has been up today prior to the filing on takeover speculation.

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