Holcim drops after being pushed higher by Eurocement

Holcim drops after being pushed higher by Eurocement
Published: 23 September 2008

Holcim dropped the most in at least 18 years in Zurich trading after hopes of a takeover by Russian investor Eurocement Group faded. Holcim slid back  18 per cent to 90 Swiss francs. Today’s decline pared the stock’s 24 per cent advance on Sept. 19, when Russia’s largest cement company announced it had taken a 6.52 percent stake.

Eurocement, owned by Filaret Galchev, has informed Holcim that the stake is a long-term investment and they don’t plan to seek control.  We have invested in Holcim on the basis of our knowledge of the industry and taking into account the company’s industrial know-how and future prospects, says Thierry Sauvaire, chief executive of Eurocement. (edited Bloomberg report).