Holcim has received unconditional clearance by the European Commission for its proposed acquistion of Cemex West in Germany. The decision follows a detailed Phase II review by the European Commission. The acquisition in Germany is part of the strategic portfolio optimization in Europe that includes a series of transactions together with Cemex and that is separate from the intention to merge with Lafarge. In the Czech Republic, the proposed acquisition of Holcim Cesko by Cemex was cleared by the local co
Holcim has received unconditional clearance by the European Commission for its proposed acquistion of Cemex West in Germany. The decision follows a detailed Phase II review by the European Commission.
The acquisition in Germany is part of the strategic portfolio optimization in Europe that includes a series of transactions together with Cemex and that is separate from the intention to merge with Lafarge. In the Czech Republic, the proposed acquisition of Holcim Cesko by Cemex was cleared by the local competition authorities in March this year. In Spain, Cemex and Holcim propose to combine their operations in cement, ready-mix concrete and aggregates. Holcim would hold a shareholding of 25% of the combined entity. Regulatory approval by the European Commission for the transaction in Spain is still pending.
The decision marks a further milestone towards the optimization of Holcim’s strategic portfolio in Europe which was announced last year. It will allow Holcim to create value through an optimized footprint in North-Western Germany. It will also allow to further improve the service and support of existing and new customers by providing innovative solutions in a market with a strong economy and solid perspectives. The transaction includes one cement plant, two grinding stations (total cement capacity of 2.5 million tonnes), one slag granulator, 22 aggregates locations and 79 ready-mix concrete plants. They would be combined with Holcim’s existing Northern German operations.
Closing of the transactions is expected for the second half of 2014.
Reuters has also reported that shares in Lafarge and Holcim rose on the London Stock Exchange yesterday, with traders citing a Bloomberg News report of private equity interest in some of their assets.
The report said CVC and KKR were considering a US$6.8 billion (€5 bilion) bid for some of the assets to be sold by Lafarge and Holcim as part of a planned merger.
