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Holcim shareholders approve shares for merger

By |  May 11, 2015

Shareholders of Swiss cement giant Holcim Ltd. approved the issuance of new shares to pay for Holcim’s $47 billion union with France’s Lafarge SA, reports The Wall Street Journal (WSJ).

According to WSJ, roughly 94 percent of Holcim’s shareholders voted in favor of the issuance of up to 264 million Holcim shares, setting up an offer that will begin in early June. Lafarge stockholders will get nine Holcim shares for every 10 Lafarge shares they tender.

“The process is virtually complete now,” says Phil Roseberg, an analyst at Sanford C. Bernstein & Co. Roseberg said it was unlikely Lafarge shareholders would fail to tender the two thirds of the company’s stock needed to complete the deal.

In addition, Holcim’s second largest shareholder, Eurocement Holding AG, said they would back the deal. Holcim’s largest shareholder, Thomas Schmidheiny, also announced his support of the deal.

Earlier this year, after some conflicts over leadership, the two companies agreed on longtime Lafarge executive Eric Olsen to lead the new company. The companies expect the deal to close by the end of July, reports WSJ.

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Allison Kral

About the Author:

Allison Kral is the former senior digital media manager for North Coast Media (NCM). She completed her undergraduate degree at Ohio University where she received a Bachelor of Science in magazine journalism from the E.W. Scripps School of Journalism. She works across a number of digital platforms, which include creating e-newsletters, writing articles and posting across social media sites. She also creates content for NCM's Portable Plants magazine, GPS World magazine and Geospatial Solutions. Her understanding of the ever-changing digital media world allows her to quickly grasp what a target audience desires and create content that is appealing and relevant for any client across any platform.

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