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HeidelbergCement ups medium-term targets after Italcementi deal

Reuters

BERLIN (Reuters) - German cement maker HeidelbergCement (HEIG.DE) increased its medium-term targets to reflect the impact of the acquisition of a 45 percent stake in rival Italcementi (ITAI.MI), announced earlier on Tuesday.

The group said it now expects to make more than 20 billion euros ($22.09 billion) in group revenue by 2019 and operating EBITDA of more than 5 billion, against previous targets of 17 billion and 4 billion.

It will spend 1.67 billion euros on the 45 percent stake in Italcementi, it said earlier.

The group also released second-quarter results a day early, reporting revenue of 3.6 billion euros and operating income before depreciation (OIBD) up 15 percent at 752 million euros as it raised prices, paid less for raw materials and cut costs. That compared with 749 million euros in the company's own consensus poll.

($1 = 0.9055 euros)

(Reporting by Victoria Bryan; editing by Susan Thomas)