LafargeHolcim to exit Chilean market
Company planning to divest 54.3% interest in Cemento Polpaico for CHF220 million
LafargeHolcim have signed an agreement with Inversiones Caburga Limitada, part of the Hurtado Vicuña Group, for the divestment of their 54.3% interest in Cemento Polpaico in Chile for an enterprise value of approximately CHF220 million.
The transaction will be executed by way of a public tender offer by Inversiones Caburga Limitada to all shareholders of Cemento Polpaico.
Cemento Polpaico operate one integrated plant and two grinding plants with an annual cement capacity of 2.3 million tonnes. The company is also a leading ready-mixed concrete producer, operating 25 plants, and produces aggregates.
The launch of the public tender offer is subject to the approval of the Chilean competition authorities, which is expected in the first half of 2017. Successful completion of the deal will see LafargeHolcim exit Chile completely.
LafargeHolcim say they have exceeded their divestment target of CHF3.5 billion for 2016. The Group announced in August that it would be extending the programme to CHF5 billion, which it expects to complete by the end of 2017.
