Cemex Mulls Hawking Assets to Repay Debt

Cemex is considering selling European assets in order to reduce debt. It could sell up to 26 cement plants in Austria, five cement plants in Hungary and building materials businesses in the UK. The assets in the three countries generated more than $448m in revenue in 2007. Morgan Stanley is advising on the Austrian and Hungarian Assets, and Citi is advising on the UK. Last month, Cemex reported that its net debt stood at $18bn, about 3.7x Ebitda.