Egyptian billionaire Nassef Sawiris, the third-biggest shareholder of LafargeHolcim Ltd., purchased more than 10 million Swiss francs in stock as he defended the merits of the Franco-Swiss merger that created the world’s biggest cement maker.
Sawiris, through his investment vehicle NNS Holding, acquired the shares on March 18 and 21, he said in a telephone interview Wednesday and Swiss regulatory filings.
“The share price is clearly undervalued and does not reflect the potential synergies or revival of the company’s pricing strategy,” Sawiris said. “We are a strong believer in the value proposition created by the merger.”
“I have full confidence in the CEO’s strategy and his clear emphasis on cash-flow generation and a commercial strategy that favors pricing over volume,” Sawiris said. “He is introducing changes that will trim the bloated corporate structures prior to the merger and he’s adopting a new commercial and marketing strategy that prices the products to achieve a fair return on its asset base.”
Full content: Bloomberg
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