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| Holcim and Lafarge announce a project to sell assets to CRH  As part of their proposed merger, cement giants Lafarge and Holcim announce they entered exclusive negotiations further to a binding commitment made by CRH regarding the sale of several assets.The assets include operations mainly in Europe, Canada, Brazil and the Philippines. Taken together, the assets being disposed under the terms of today's announcement generated estimated 2014 sales of EUR 5.2 billion, with an estimated 2014 operating EBITDA of EUR 744 million. The enterprise value of EUR 6.5 billion [CHF 6.8 billion] reflects the value of these high quality assets. "The projected transaction is a key step towards the creation of LafargeHolcim and the value offered reflects the strong quality of the selected assets. This successful outcome demonstrates the quality of the collaborative work undertaken by Holcim and Lafarge teams. With this announcement, we remain firmly on track to complete our proposed merger in the first half of 2015", commented Wolfgang Reitzle, designated Chairman of the Board of Directors of LafargeHolcim and Bruno Lafont, designated CEO of the future combined company. The divestment process will be carried out in the framework of the relevant social processes and the ongoing dialogue with the employee representatives' bodies. It will be submitted to the relevant Competition authorities and to the shareholders of CRH. The divestments are subject to the completion of the merger, including a successful public exchange offering and approval by Holcim's shareholders in the second quarter of 2015. The closing of the planned merger is expected in H1 2015. It will create the most advanced group in the industry, operating in 90 countries, with a strong balance sheet, and will generate superior value for its shareholders, customers and other stakeholders. write your comments about the article :: © 2015 Construction News :: home page |