US shareholder adviser ISS has recommended Holcim investors back the Swiss cement maker’s proposed merger with France’s Lafargeahead of next month’s shareholder vote on the $40 billion tie-up. Backing from ISS is a boost to Zurich-based Holcim as it seeks to win the support of two-thirds of investors at a shareholder meeting on May 8 in order to approve a fundraising to pay for the merger.
ISS said in its report to investors that the deal warranted investors’ support as it had a clear strategic rationale and offered upside to Holcim investors through synergies.
However, the shareholder adviser stressed that a successful integration of the two companies under the combination’s proposed CEO was key.
“The companies are betting that American Eric Olsen will bridge the cultural gap,” ISS said in the report, dated April 20.
Full Content: The Financial Times
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Judge Dismisses Antitrust Lawsuit Against Ivy League Over Athletic Scholarships
Oct 11, 2024 by
CPI
FTC and DOJ Revamp Merger Guidelines to Identify Illegal Transactions More Efficiently
Oct 11, 2024 by
CPI
US Consumer Watchdog Eyes Expansion of ‘Junk Fee’ Crackdown Ahead of 2024 Election
Oct 10, 2024 by
CPI
Brazil Proposes Reform to Competition Law Targeting Big Tech
Oct 10, 2024 by
CPI
Meta Enhances User Data Control, Resolving German Antitrust Dispute
Oct 10, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Refusal to Deal
Sep 27, 2024 by
CPI
Antitrust’s Refusal-to-Deal Doctrine: The Emperor Has No Clothes
Sep 27, 2024 by
Erik Hovenkamp
Why All Antitrust Claims are Refusal to Deal Claims and What that Means for Policy
Sep 27, 2024 by
Ramsi Woodcock
The Aspen Misadventure
Sep 27, 2024 by
Roger Blair & Holly P. Stidham
Refusal to Deal in Antitrust Law: Evolving Jurisprudence and Business Justifications in the Align Technology Case
Sep 27, 2024 by
Timothy Hsieh