Displaying items by tag: shareholders

Switzerland/US: Holcim will complete the 100% spin-off of its North American business, Amrize, with trading expected to begin on 23 June 2025. The US Securities and Exchange Commission has declared effective the Amrize Form 10 Registration Statement, and Amrize has received authorisation to list shares on the New York Stock Exchange and the SIX Swiss Exchange under ‘AMRZ’.

Holcim shareholders approved the move with 99.75% in favour at the company’s annual general meeting on 14 May 2025. Each Holcim shareholder will receive one Amrize share per Holcim share owned as of close of business on 20 June 2025. The spin-off will be treated as tax neutral for Swiss tax and tax-free for US federal income tax purposes. S&P Global Ratings and Moody’s Ratings rated Amrize at BBB+ and Baa1, respectively, both with stable outlooks.

Switzerland: Holcim shareholders have elected Kim Fausing as the Chair of the group’s board of directors, succeeding Jan Jenisch, who will become chair and CEO of the group’s North American spin-off, Amrize. Other appointments include the election of Adolfo Orive and Sven Schneider as new Holcim board members.

Fausing has served on Holcim’s board since 2020. He is CEO of Danfoss, a Denmark-based supplier of heating and cooling, motor and electronics technology, and Deputy Chair of Germany-based SMA Solar Technologies, and previously held senior roles at Liechtenstein-based tooling company Hilti and Denmark-based windows producer VELUX. He holds an Executive Master’s of Business Administration from Henley Business School in the UK and a master’s degree in Mechanical Engineering from Aarhus Tech, Denmark.

Holcim's spin-off of its North American business, Amrize, is scheduled to be completed by the end of June 2025. Amrize shares are due to list on the SIX Swiss Exchange the New York Stock Exchange as AMRZ.

Fausing said “As Chair and CEO of Holcim for over seven years, Jan has made Holcim a leading company in its financial performance, sustainability, innovation and culture. I extend our deep thanks to Jan for his outstanding accomplishments.”

Switzerland/US: Holcim’s shareholders have approved all proposals at the group’s annual general meeting in Zug, Switzerland. A key proposal was the planned spin-off of the producer’s North American business as US-based Amrize. Holcim will now make a special distribution of one Amrize share for every Holcim share. Amrize shares are due to list on the SIX Swiss Exchange the New York Stock Exchange as AMRZ from June 2025.

Holcim says that over 99% of voters favoured the spin-off proposal.

US: Colombia-based Cementos Argos, Summit Materials’ largest shareholder, has sold its 31% stake in the company to Quikrete Holdings. The price of US$52.50 per share represents a rise by 38% compared to when Cementos Argos acquired the shares in 2023 through the combination of its US assets with Summit Materials. The sale, valued at US$11.5bn for 100% of the company’s shares, will reportedly enable Cementos Argos to pursue new cement, ready-mix concrete and aggregates opportunities in the US market. Supply agreements, including exports from Cartagena to the US, will continue. Through the deal, Quikrete will acquire 100% of Summit Materials’ shares, and the company will become a privately held subsidiary of Quikrete.

US: Summit Materials says that it has obtained the stockholder approval required for its proposed acquisition by Quikrete. The transaction is expected to close within the first quarter of 2025, subject to any remaining customary conditions. Once complete, Summit Materials will become a privately-held subsidiary of Quikrete.

Quikrete entered into a definitive agreement to buy Summit Materials for a total enterprise value of US$11.5bn in November 2024. The deal will add Summit Materials’ aggregates, cement and ready-mixed concrete business to Quikrete’s concrete and cement-based products business to create a vertically integrated business in North America.

India: JSW Cement has received regulatory approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO) after a four-month hold-up since September 2024. The IPO includes a fresh issue of shares worth US$230m and an offer for sale by three shareholders, Apollo Global Management, Synergy Capital and State Bank of India (SBI), worth US$230m combined.

Proceeds from the fresh issue will include US$92.3m for a new cement unit in Nagaur, Rajasthan, and US$83m for debt repayment.

India: JK Lakshmi Cement will merge three of its subsidiaries, Udaipur Cement Works, Hansdeep Industries and Trading, and Hidrive Developers and Industries, into its operations. Under the scheme of amalgamation, Udaipur Cement Works’ shareholders will receive four JK Lakshmi Cement shares for every 100 shares held. The merger will ‘simplify the group structure’, making ‘one combined entity focused in the business of cement and cement products’, according to The Business Standard.

Philippines: The Consunji Group has appointed Herbert M Consunji as the president and CEO of Cemex Holdings Philippines (CHP). The group completed its acquisitions of CHP from Cemex in early December 2024, according to the Manila Bulletin newspaper. It plans to change the name of the company to Concreat Holdings Philippines subject to the approval of shareholders at a meeting to be held in February 2025.

Consunji is the Executive Vice President, Chief Finance Officer, Chief Compliance Officer and Chief Risk Officer of DMCI Holdings, part of Consunji Group. He concurrently sits on the board of various DMCI Holdings subsidiary companies. He is a certified public accountant and he graduated from De La Salle University in Manila with a degree in commerce majoring in Accounting.

Chile: Cementos Bío Bío (Cbb) will likely have new owners soon, as the US group Mississippi Lime Company has offered to acquire 100% of the company for nearly US$400m and shareholders are now negotiating its sale. The producer’s board authorised a due diligence process in May 2024, which has now been substantially concluded. A shareholder of Cbb, Peru's Yura, launched an offer in November 2024 for 20% of the Chilean cement company, thus reaching 40% of the shares. Yura bought 20% of Cbb for US$50m in 2019.

Brazil: InterCement, the indirect controlling shareholder of Loma Negra, has extended its exclusivity agreement with Companhia Siderúrgica Nacional for a potential acquisition of its entire share capital until 16 December 2024. This extension is part of a broader non-judicial collection process and does not impose any binding obligations on InterCement or its shareholders. This follows a previous extension of the exclusivity period in July 2024.