Tuesday 27 September 2016

Holcim and Lafarge win US antitrust approval to merge

Published 05/05/2015 | 07:33

Lafarge is set to merge with Holciem
Lafarge is set to merge with Holciem

Holcim, a Swiss company, and Lafarge, which is based in Paris, won U.S. antitrust approval to merge after they agreed to divest assets, the Federal Trade Commission.

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CRH has already been given the go-ahead by the European Commission for its €6.5bn acquisition of assets from rivals Lafarge and Holcim.

The companies agreed to divest plants, terminals and a quarry to gain approval of their $25 billion deal, the FTC said.

The companies won approval for the deal from European Union antitrust enforcers in December.

In the United States, the two companies agreed that Lafarge would sell a cement plant and quarry in Iowa as well as terminals and distribution centers in Minnesota, Wisconsin, Tennessee and Louisiana.

Lafarge said previously that it would sell its Davenport cement plant in Iowa and seven terminals along the Mississippi River to Summit Materials (SUM.N) for $450 million in cash plus Summit's Bettendorf, Iowa, cement terminal.

Holcim will sell slag cement plants in Chicago and New Jersey and terminals in Massachusetts, Michigan, Illinois and elsewhere. Slag cement is a specialty cement used to make more durable buildings.

The two companies - the biggest cement makers in the world - announced the megadeal in April 2014, saying it was the biggest ever merger of equals.

Reuters

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