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US: Holcim gets positive report from ISS

By  |  April 21, 2015

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.

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    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.

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    “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

     

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