Holcim buys Canada's St Lawrence
Swiss cement maker Holcim said on Tuesday its C$43.50 a share cash offer for minority shares in Canada's St. Lawrence Cement Group had been successful.
By Agencies |
ZURICH: Swiss cement maker Holcim said on Tuesday its C$43.50 a share cash offer for minority shares in Canada's St. Lawrence Cement Group had been successful.
Holcim, which raised its offer to C$681 million this month from C$630 million said it owned around 97 per cent of class A subordinate voting shares and 100 per cent of the class 1 special shares.
Holcim's friendly takeover comes as the global cement industry consolidates, with recent takeovers by Holcim in India and the full acquisition by bigger rival Lafarge of its North American subsidiary.
Holcim said it intended to buy all class A shares not tendered to the offer pursuant to a compulsory acquisition transaction under the Canada Business Corporations Act.
The group said it intended to delist the Class A voting shares from the Tokyo Stock Exchange once it had bought the remaining shares.
Holcim, which raised its offer to C$681 million this month from C$630 million said it owned around 97 per cent of class A subordinate voting shares and 100 per cent of the class 1 special shares.
Holcim's friendly takeover comes as the global cement industry consolidates, with recent takeovers by Holcim in India and the full acquisition by bigger rival Lafarge of its North American subsidiary.
Holcim said it intended to buy all class A shares not tendered to the offer pursuant to a compulsory acquisition transaction under the Canada Business Corporations Act.
The group said it intended to delist the Class A voting shares from the Tokyo Stock Exchange once it had bought the remaining shares.
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