Cemex Eyes $1B From Asset Sales In 2012

Mexican cement and building materials company Cemex is seeking to raise $1 billion from asset sales by the end of next year.

Mexican cement and building materials company Cemex is seeking to raise $1 billion from asset sales by the end of next year, Bloomberg reports. The move will help the company cut its debt, which was $17.8 billion at the end of the second quarter. It is looking to raise $180 million through sale of assets this year. It will sell $800 million of real estate, $500 million of which will be sold by the end of 2012, and may also sell other $500 million idle assets that do not deliver enough returns by the end of next year. The company will meet bank covenants for 2011 and 2012 without renegotiating or selling equity.

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