Holcim Apasco withdraws from BMV

Holcim Apasco withdraws from BMV
Published: 21 June 2004

After changing its name and image from Apasco to Holcim Apasco, the cement company left the Mexico City Stock Exchange Thursday after the conclusion of the stock purchase of its Mexican subsidiary by the second largest cement producer in the world, Swiss firm Holcim.

Estimates were that the European company spent around US$750m in the process to recover stock that was held by investors.

Holcim Apasco’s withdrawal from the BMV was done in three stages. The first was on March 16, when the company announced the results of the public offer made by Holcim to acquire 24.54 per cent of the Mexican subsidiary.

On March 25, Apasco announced its intention to sell up to 15.5m stocks to buy 6.57 per cent of the shares that did not participate in the first offer. On both occasions, the price offered to investors was US$10.20 per stock, so the payments for both operations could total US$750m. The third stage will be defined on Dec.