Deals
San Miguel Unit to Buy 85.7% of LafargeHolcim's Philippine Unit
- Holcim Philippines has total enterprise value of $2.15 billion
- Buyer will have to conduct a tender offer to minority holders
This article is for subscribers only.
San Miguel Corp. agreed to acquire an 85.7% stake in Holcim Philippines Inc. in a deal that would help tycoon Ramon Ang expand his cement business just as the southeast Asian country pursues a massive infrastructure upgrade.
The conglomerate, through unit First Stronghold Cement Industries, will buy 5.53 billion common shares of Holcim’s local arm from entities controlled by LafargeHolcim Ltd, San Miguel said in a filing to the Philippine Stock Exchange. Holcim Philippines’ total enterprise value is $2.15 billion.