Cementing relationships

San Miguel cements new unit with $2.2b Holcim purchase

The Philippines' largest conglomerate is splashing out on the country's largest cement manufacturer to take advantage of LafargeHolcim's withdrawal from Southeast Asia.

San Miguel Corporation is set to execute one of the largest merger deals out of the Philippines in recent years after the conglomerate agreed to buy a controlling stake in the country’s largest cement manufacturer in a $2.15 billion deal.

Shares of Holcim Philippines soared 6.1% on Thursday after San Miguel said that it will purchase an 85.73% interest from its Swiss parent LafargeHolcim. As per Philippines listing regulations, the conglomerate will need to make a voluntary offer for the remaining 14.27% stake held by minority shareholders.

San Miguel did not reveal the offer price per share for the 5.53 billion Holcim Philippines shares it plans...

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