According to reports, Eurocement is proposing its owner Filaret Galchev to join the board of LafargeHolcim. Eurocement owns a 10.8% stake in Holcim and has previously been reported to be unhappy with the terms of the mega merger, which requires the backing of two-thirds of the Holcim board at the Extraordinary General Meeting on 8 May.
Holcim had earlier said it would be open to giving Eurocement a seat on the board, but Galchev was not on the list of candidates for the LafargeHolcim board released by the two companies earlier this week. With Eurocement being such a significant shareholder – the second biggest – Holcim and Lafarge will presumably be expected to accept the proposal.
Meanwhile, Holcim’s third biggest shareholder, Harris Associates, which holds 6.4%, told Bloomberg this week that it is ‘leaning’ towards voting in favour of the deal. With just weeks to go until shareholders vote on the capital increase required for the deal to go through, Holcim and Lafarge will be glad that opposition to the deal appears to be easing.
Edited from various sources by Katherine Guenioui
Read the article online at: https://www.worldcement.com/europe-cis/16042015/eurocement-wants-seat-on-lafargeholcim-board-692/