Holcim signals Eurocement board seat on hold
Swiss cement maker Holcim, seeking to complete a merger with French rival Lafarge, risked alienating its second-biggest shareholder Eurocement after saying the Russian company's proposal to get a board seat may have to wait.
The Swiss company received the nomination of Eurocement founder Filaret Galchev after it already put forward 14 board members from both Holcim and Lafarge to run the enlarged company, it said. Therefore Holcim's board won't include the proposal in the agenda of a May 8 shareholder meeting where investors are scheduled to approve the merger, it said.
Holcim Chairman Wolfgang Reitzle earlier this month backed a directorship for Eurocement to blunt the Russian company's opposition to the merger and Eurocement yesterday said it expects Holcim to "honour their proposal."
The willingness of Eurocement to join the board was seen by analysts as a sign that the companies are making progress in overcoming lingering opposition to the deal.