South Africa’s Aveng still in talks with Holcim

South Africa’s Aveng still in talks with Holcim
Published: 22 December 2006

South African construction, cement and engineering firm Aveng is still in talks with Switzerland’s Holcim Limited on a proposed sale of shares to black investors in Holcim South Africa as part of an empowerment drive, the firm said on Friday.  
 
Swiss-based Holcim, the world’s second-biggest cement maker, said it plans to sell 85 percent of its majority stake in Holcim South Africa to a consortium of black investors, employees, charities and other groups, a stake it values at around SwFr1.2bn (US$974m).  
 
Aveng owns 46 per cent of Holcim South Africa. Twelve years after the fall of apartheid, South African companies have to meet quotas on black ownership, procurement and employment as part of a government black economic empowerment effort aimed at shifting more of the economy into black hands.