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Eurocement too late to join LafargeHolcim board?

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World Cement,

Yesterday, Holcim issued the following statement on the prospect of adding Filaret Galchev to the board of directors of LafargeHolcim.

On Tuesday morning, April 14, 2015, Holcim announced the names of the candidates proposed to join the Board of Directors of LafargeHolcim after closing. The Board of Directors will comprise 14 members, 7 each designated by Holcim and Lafarge. 

After this announcement, Holcim received a proposal in writing of its shareholder Eurocement to elect Filaret Galchev to the Board of Directors of the combined company. This proposal came too late to be considered by the Board of Directors of Holcim for inclusion into the agenda of the Extraordinary General Meeting on May 8, 2015. 

The Extraordinary General Meeting will take place as planned with the announced agenda items, in order to allow for a public exchange offer for the shares of Lafarge to be closed before summer break.

According to reports, it is still possible for Eurocement to put forward a candidate at the EGM, providing the proposal meets the proper requirements. It was assumed that proposing Galchev as a candidate was a signal from Eurocement that it would back the deal, the first positive sign from the company since the merger was thrown into doubt after the year-end reports of Lafarge and Holcim were released. 

Edited from various sources by

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