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 Ideal Basic Industries Inc. said
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 its directors reached an agreement in principle 
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calling for HOFI North America Inc. to combine its North American cement holdings with Ideal in a transaction 
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that will leave Ideal's minority shareholders with 12.8% of the combined company.
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 HOFI, the North American holding company of Swiss concern Holderbank Financiere Glaris Ltd., previously proposed combining its 100% stake in St. Lawrence Cement Inc. and its 60% stake in Dundee Cement Co. with its 67% stake in Ideal.
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 But HOFI's first offer would have given Ideal's other shareholders about 10% of the combined company.
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 Ideal's directors rejected that offer,
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 although they said 
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they endorsed the merger proposal.
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 Under the agreement, HOFI will own 87.2% of the combined company.
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 Ideal's current operations will represent about 39.2% of the combined company.
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 The transaction is subject to a definitive agreement and approval by Ideal shareholders.
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 Ideal said 
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it expects to complete the transaction early next year.
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