ZURICH – Swiss cement maker Holcim AG said yesterday it is buying the Australian operations of Mexican rival Cemex SAB de CV for about US$1,62 billion.
The purchase, which will be financed entirely with equity, includes all of Cemex Australia and a 25-per cent stake in Cement Australia. Holcim already has a 50-per cent shareholding in Cement Australia.Holcim also said it will participate in the planned private placement of China’s Huaxin Cement, to the value of US$234 million.The Holcim board will hold an extraordinary general meeting on July 8 to ask shareholders to approve a capital increase of about US$1,84 billion, the company said.-Nampa-AP
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