Cementir jumps after Danish unit signs €2.2 bln CCS subsidy deal
BUZZ-Cementir jumps after Danish unit signs €2.2 bln CCS subsidy deal ** Shares in Italy's Cementir rise as much as 9.5% after the cement maker's Danish unit Aalborg Portland signed a €2.2 billion ($2.54 billion) carbon capture and storage (CCS) subsidies deal with Denmark's energy agency
** Aalborg Portland's agreement is "significantly positive" news for Cementir, Kepler Cheuvreux analyst Matteo Bonizzoni says
** The subsidy is worth up to €145 mln per year over 15 years from 2030 and will be indexed to inflation
** Bonizzoni says receiving the "Nordic subsidy" helps Cementir stand out, as not all peers are positioned to benefit from similar government support
** "The agreement significantly increases Cementir's return on investment," Bonizzoni adds
** Up to the previous session's close, Cementir shares were down 27.5% YTD
($1 = 0.8651 euros)
(Reporting by Philippe Leroy Beaulieu in Gdansk)
Recent news on Cementir Holding NV
See all newsItaly - Factors to watch on September 10
Brief: Cementir Holding NV Says Binding Offer For CSN Cimentos Expired Without Acceptance
Brazil steelmaker CSN holds new bidding round for cement unit
Brief: Cementir Holding H1 EBITDA At €163.9 Mln
Cementir jumps after Danish unit signs €2.2 bln CCS subsidy deal