Holcim plans to increase stake in Ambuja Cement

Holcim plans to increase stake in Ambuja Cement
Published: 24 August 2007

Holcim Ltd has launched a $1.34bn offer to acquire a controlling stake in its Indian partner as an expansion into Asia begins to pay off.  
As part of the offer, Zurich-based Holcim said it bought an additional 3.9% of India’s Ambuja Cement Ltd. after picking up a third of the company in 2006. The group said it’s paying rupee 154 ($3.75) per share for the holding and announced a public offer for an additional 20% stake at the same price.  
The bid offers shareholders an 18% premium over Wednesday’s close and, if successful, will give  Holcim over 56% of India’s second-largest cement group.  
“The families will continue to hold a stake in ACL. They will stay closely engaged with  Holcim and the company,”  Holcim said, noting it planned no board-level changes at the target.