UltraTech and Sabanci back out of Lafarge-Holcim bids

According to reports, neither India’s UltraTech Cement nor Turkey’s Sabanci have participated in the final bidding round for assets being divested as part of the Lafarge-Holcim merger.

Earlier reports had suggested that UltraTech was backing out, having submitted a non-binding bid in October. It is suggested now that the group will focus its growth within India rather than attempting to extend its reach overseas. Its recent acquisitions within India are a further indication of this strategy.

Turkey’s Sabanci group was said to be interested in European assets, but it has since been reported that the company has withdrawn from the bidding process and cancelled its loan deal.

The binding bids were due yesterday, but limited information is publicly available about the potential buyers or which assets may go to whom. CRH is said to be among those making a bid, as is Italcementi. HeidelbergCement and Cemex have both stated that they will not be bidding.

Edited from various sources by Katherine Guenioui

Sources:

• Economic Times
• Live Mint
• Global Capital

Read the article online at: https://www.worldcement.com/europe-cis/13012015/ultratech-and-sabanci-back-out-of-lafarge-holcim-bids-126/