Holcim Philippines to make offer for local assets of Lafarge

Holcim Philippines will make an offer to acquire the assets of Lafarge Group in the Philippines as part of the merger process between the two cement majors.

In a disclosure to the Philippine Stock Exchange (PSE), the local unit of Swiss firm Holcim Ltd. said it has been given the green light by its board of directors to make an offer for the France-based assets of the Lafarge Group.

Specifically, Holcim has been authoriszed to “make an offer for, and should the offer be accepted, to proceed with, the acquisition by the corporation and/or its wholly-owned subsidiary Holcim Mining and Development Corp, of the Lafarge Group assets in the Philippines.”

The Lafarge Group’s assets in the country include shares of stock of Lafarge Iligan Inc, Lafarge Mindanao Inc., Lafarge Republic Aggregates Inc, Quimson Limestones Inc., Sigma Cee Mining Corp, and APC Properties Inc. Other assets include the Star Terminal assets located at Harbour Centre, Manila, and certain parcels of land as identified by the concerned parties.

“The offer should be consistent with the conditions approved by the board based on management’s study on potential synergies in terms of strategic fit of the assets to be acquired with current operations and the results of the financial, tax, technical and legal due diligence undertaken on said assets,” Holcim Philippines said.

Furthermore, Holcim said its board has authorised Eduardo Sahagun, president and CEO, to sign, execute and deliver agreements and documents, including share and asset purchase agreements, deeds, certificates, disclosure statements, notices, applications, consents, and regulatory filings, and to perform all acts, for and on behalf of the corporation, as may be necessary and/or desirable, in order to complete and implement the above transactions, under such terms and conditions as he may deem in the best interest of the corporation and consistent with said board approved conditions.