Holcim Philippines board gives nod for Lafarge talks

Holcim Philippines’ board of directors have authorised the company to “consider and negotiate the purchase” of Lafarge’s shares in Lafarge Illigan Inc, Lafarge Mindanao and Lafarge Republic Aggregates, Holcim said in a disclosure to the local stock exchange.

Also included is Lafarge's stake in Star Terminal at the Harbour Centre in Manila, and "such other specific assets or contracts as may be identified or negotiated between the parties."

Holcim President and CEO Eduardo A Sahagun told Business World (Philippines) that the company is "still conducting due diligence" to determine the value of these assets. Asked about Lafarge's remaining assets, Mr Sahagun said: "We're still looking at them and we will make disclosures as we see fit."

In a separate disclosure, Lafarge said its major stockholders intend to sell their shares in the company to potential third-party buyers, subject to agreement on the sale's terms and conditions, and the completion of the global merger between Holcim and Lafarge.