Holcim said it has raised its stake in its Serbian unit to 99.40% after a takeover offer and will squeeze out the remaining minority shareholders.
Holcim intends to acquire the remaining 0.60% using its legal right to a squeeze-out, the company said in a statement to Serbia’s Central Securities Depository and Clearing House on Wednesday. It is offering to pay 4,600 dinars ($86/60 euro) per share, on par with the takeover price. The bid expires September 16.
The Serbian company’s shares last traded on the Belgrade Stock Exchange on July 10, closing up 0.11% at 4,600 dinars.
Holcim bought Serbian cement plant Novi Popovac in 2001 for some $60 million.