Holcim wants higher ACC stake

Holcim wants higher ACC stake
Published: 03 May 2005

Holcim Ltd., the world’s second-biggest cement maker, wants to lift its stake in ACC to about 50% after failing to gain control of India’s biggest maker of the building material in a bid that ended in April. Holcim plans to raise the holding about 5 percentage points a year from the 35% it now owns, chief executive Markus Akermann said on a conference call. The Jona, Switzerland-based company is in “no hurry” to expand its stake, he added. Ambuja Cement India Ltd., Holcim’s Indian holding company, said April 12 that it missed its goal of 50% ownership after only a fifth of shareholders accepted its takeover offer. “We are very happy with the result” of the bid to buy Associated Cement, Mr Akermann said.