By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE) – The top two (2) world building materials and cement producers, Holcim and Lafarge on Wednesday announced the successful completion of its public exchange offer to finalise their planned merger deal.
The Autorité des marchés financiers (AMF) said it has today published the interim results of the public exchange offer initiated by both companies.
“As of July 7, 2015, a total of 252,230,673 shares, representing 87.46 percent of the share capital and at least 81.47 percent of the voting rights of Lafarge S.A. have been tendered to the Offer. The success of the Offer was subject to the condition that a minimum acceptance threshold of 2/3 of Lafarge’s share capital or voting rights be reached by Holcim Ltd. Final results shall be published by the AMF on July 9, 2015,” Holcim disclosed in a statement.
According to the cement producer, the result reflects the confidence of shareholders in the future company. ’Both companies are very pleased with this positive outcome as it paves the way towards completion of the merger,” Holcim affirmed.
Holcim says as disclosed in the documentation, the settlement-delivery of the new shares to shareholders having tendered their Lafarge S.A. shares is scheduled as from July 13, 2015.
“Based on the total number of shares outstanding as of July 7, 2015: 288,401,848 shares representing no more than 309,601,782 voting rights. The number of voting rights is an estimate taking only partially into account the loss of double voting rights attached to tendered shares,” the statement added.
On June 1, Holcim said it had received clearance from AMF on May 28, 2015, that the public exchange offer for all Lafarge shares will be at an exchange ratio of 9 Holcim shares for 10 Lafarge shares. “Through acceptance of the public exchange offer, Lafarge shareholders will pave the way for the creation of LafargeHolcim. On May 8, 2015, Holcim’s shareholders already approved the merger-related resolutions at an Extraordinary General Meeting,” a joint statement from both cement manufacturers said.
