Lenders Seek Alternatives to Mexican Cement Firm's Takeover Offer.

Oct. 2--The planned takeover of TPI Polene Plc by Cemex of Mexico is on hold following a decision by creditors to consider proposals offered by other multinational cement companies.

Cemex last week signed an agreement with Prachai Leophairatana, TPI Polene's chief executive and administrator of its business rehabilitation plan. Under the agreement, the Mexican company would commit US$300 million to acquire a 72.67 percent stake or 1.35 billion shares priced at 10 baht apiece.

Cemex also proposed discounting payments by 36 percent to creditors holding debts of less than $3 million, and a 12 percent write-down for other creditors after the deal is approved by creditors.

The creditors had planned to make a decision on the Cemex proposal today, but now they wanted to look at other options, said Chartsiri Sophonpanich, president of Bangkok Bank.

"I am not saying that the Cemex proposal has been disqualified but the creditors want to see more choices so they are considering the proposals of other investors in parallel with that of Cemex," he said.

Bangkok Bank is one the cement company's three core creditors, along with Kreditanstalt fur Wiederaufbau (KfW) of Germany and Krung Thai Bank.

KfW is the largest creditor with 30 percent of debts totalling $800 million, Bangkok Bank holds 12 percent of the debts and Krung Thai Bank 10 percent .