A PYMNTS Company

Kenya: Holcim rules out Bambury takeover

By  |  July 9, 2014

Switzerland-based Holcim has said it will not acquire Kenya’s Bamburi Cement firm if it’s planned merger with France’s Lafarge succeeds, say reports.

Should the $40 billion merger proceed as planned, Holcim would end up with indirect control of Bambury, according to reports; two Lafarge units own 58.6 percent of Bamburi.

But in a statement, Holcim it has “no intention of making a takeover offer for BCL.”

Holcim’s announcement comes as the Competition Authority of Kenya examines Lafarge’s presence in the Kenyan cement market through its ownership in Bamburi as well as its 42 percent stake in the East Africa Portland Cement Co. Regulators say Lafarge will need to dilute its ownership in the EAPC if the company is found to be in violation of federal antitrust rules.

Full content: Bloomberg

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.