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LafargeHolcim merger delayed by tribunal in India

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World Cement,


Reuters are reporting that a tribunal in India has halted the sale of Lafarge India after an appeal by a rival, delaying the merger of Lafarge and Holcim's Indian operations.

The Competition Appellate Tribunal stayed a February order by antitrust watchdog Competition Commission of India (CCI) permitting the sale of Lafarge India until the next hearing on 9 May.

The CCI's order was challenged by Dalmia Cement, which the tribunal said had been "aggrieved" by the order.

In February, LafargeHolcim announced that it was considering a divestment of its interest in Lafarge India to comply with antitrust rules for the merger of the group's legacy companies.

The group had earlier tried to sell 5.1 million t of Lafarge India's capacity to Indian cement maker Birla Corp Ltd, but the deal was cancelled due to regulatory hurdles.


Edited from source by Joseph Green. Source: Reuters

Read the article online at: https://www.worldcement.com/indian-subcontinent/14042016/lafargeholcim-merger-delayed-tribunal-india-899/


 

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