LafargeHolcim slumps as Sberbank exits
Published by Joseph Green,
Editor
World Cement,
Bloomberg is reporting that Sberbank PJSC is selling a stake in LafargeHolcim valued at about US$1.5 billion. The move has sent shares in the LafargeHolcim down to their lowest level since 2009.
Sberbank purchased a 6.12% stake in LafargeHolcim in January 2016 from its competitor Eurocement Holding AG as part of a repurchase agreement, making the Russian lender the third-largest stakeholder.
In 2016, the stock of LafargeHolcim has tumbled 26%, erasing more than US$7 billion in market value.
Sberbank and Eurocement signed a cooperation agreement in 2014 to help fund construction of cement manufacturing plants in Russia. The agreement also permitted the two companies to cooperate on a wide range of issues from settlement and cash services to investment banking activities.
Edited from source by Joseph Green. Source: Bloomberg
Read the article online at: https://www.worldcement.com/europe-cis/10022016/lafargeholcim-slumps-sberbank-exits-476/
You might also like
The World Cement Podcast - What's next for US Cement?
In this episode of the World Cement Podcast, we are joined by Mike Ireland, President and CEO of the ACA or American Cement Association. Listen in as Mike and David dive into a range of topics, including the ACA’s recent rebranding efforts, decarbonisation, policy and legislation, and the impact of AI on cement demand.
Tune in to the World Cement Podcast on your favourite podcast app today.