Cemex, the world’s third-largest cement producer, has moved a step closer to its proposed £2.3bn takeover of RMC.

RMC posted a document to shareholders on Monday, with details of the takeover.

If shareholders vote in favour, it will take effect from 12 January. Shareholders are expected to support the bid unanimously as Cemex’s 855p-a-share offer constitutes a 43% premium on the 599.5p RMC share price before the bid was announced at the end of last month.

The takeover makes sense for Cemex as the two companies have little geographic overlap.

If the move goes ahead, Cemex will remain the third biggest cement producer in the world behind French firm Lafarge and Swiss company Holcim.