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 - CCS in the UK
Dr Diana Casey, Executive Director of the Mineral Products Association joins the World Cement Podcast to explore the role of CCS in decarbonising UK cement industry.
Tune in to the World Cement Podcast on your favourite podcast app today.
