ACC and Ambuja Cement (ACL) – LafargeHolcim’s subsidiaries in India – have decided not to pursue a merger at this time. The two companies will however work to “maximise synergies” through an arrangement for the mutual purchase and sale of materials and services.
“The board is of the opinion that there are at present certain constraints in implementing a merger between the company and ACL,” ACC said in a statement to the Bombay Stock Exchange. “The company is therefore not proceeding with the merger at this juncture, though this remains the ultimate objective.”
The proposed arrangement between the two companies will now go to shareholders for approval.
Read the article online at: https://www.worldcement.com/indian-subcontinent/28022018/acc-and-ambuja-not-proceeding-with-merger/