Regulators approve Holcim offer for Apasco

Regulators approve Holcim offer for Apasco
Published: 23 February 2004

Mexican regulatory authorities have authorised the US$750m buyout offer from Holcim Ltd, the world’s No two cement firm, for the rest of its Mexican unit Holcim Apasco that it does not already own.

Mexico’s Federal Competition Commission said it had approved the transaction "as long as it does not change the structure of the markets that Holcim Apasco SA de CV participates in."

Swiss-based Holcim said on January 22 it would buy the remaining 31.1 per cent of the company it does not own at $10.20 a share.

Apasco is Mexico’s second-biggest cement maker in Mexico. Holcim has said it will issue shares to help finance the Apasco purchase and propose to shareholders the delisting of Holcim Apasco shares, which closed down 0.14 percent at 110.6 pesos on Friday.