Xella Serbia has launched a bid to acquire the remaining minority stake in Apatin-based building-materials producer Rapid, following Holcim’s €1.85 billion acquisition of Xella. Xella Serbia currently controls about 73.15% of Rapid and is offering RSD 494 per share for the remaining 87,625 shares, representing approximately 26.85% of the company.
The offer values the minority stake at around RSD 43.3 million (€369,000) and puts Rapid’s implied equity value at approximately €1.37 million. The takeover offer is open for a defined period, according to a filing published by the Belgrade Stock Exchange.
Holcim expands control over Xella’s Serbian operations
Holcim completed its €1.85 billion acquisition of Xella, bringing brands including Ytong, Silka, Hebel and Multipor into the Swiss building-materials group. Xella is expected to generate approximately €1 billion in sales, while Holcim expects the acquisition to deliver around €60 million in annual EBITDA synergies by the third year following completion. Xella has maintained a presence in Serbia since entering the market through the privatisation of the Kolubara Gasbeton plant in Vreoci.
The company expanded its Serbian position by acquiring 70% of Rapid, with its ownership subsequently rising to slightly above 73%. The latest offer would allow Xella to consolidate the remaining shares and simplify the ownership structure of the Serbian producer.
Rapid operates a 30,000-cubic-metre production facility
Rapid has operated in Apatin for decades and manufactures calcium-silicate construction materials. The company has annual production capacity of approximately 30,000 cubic metres.
Rapid has historically exported its products extensively, including to markets in the former Yugoslavia and the European Union. Its current Silka production is aimed at customers in Serbia, Croatia, Slovenia and western Romania. The company generated RSD 295 million (€2.5 million) in revenue, compared with RSD 264 million previously. Despite the increase in revenue, Rapid remained loss-making, reporting a net loss of RSD 11.6 million.
Xella adds walling systems to Holcim’s Serbian portfolio
Holcim already operates in Serbia across cement, aggregates, ready-mix concrete and related building solutions. The addition of Xella expands that presence into walling systems and other building products, while Rapid provides an established production base in northern Serbia.
The Apatin operation also serves several regional markets, extending the geographic scope of Xella’s Serbian manufacturing activities.
Acquisition changes Rapid’s ownership structure
The offer covers more than 1,500 minority shareholders, although individual holdings are generally small. Rapid remains publicly traded, but its shares have very limited liquidity and ownership is already heavily concentrated. If Xella reaches the ownership level required to initiate a compulsory acquisition of the remaining shares, Rapid could eventually leave the Serbian stock market.
The potential change would add to the number of Serbian industrial companies that have moved toward delisting following acquisitions by strategic investors. The immediate value of the buyout is relatively limited compared with Holcim’s global operations and the overall value of the Xella transaction. The acquisition of the remaining Rapid shares nevertheless represents a further step in consolidating the Serbian assets incorporated into Holcim through its purchase of Xella.
