Holcim’s open offer for Ambuja Cement

Switzerland’s Holcim today said it had acquired 3.9% additional stake in Ambuja Cements from the founding families at Rs 154 shares, in a deal worth $220 million.

Holcim also said it would launch a public takeover offer for another 20% of the share capital of Ambuja Cements in a bid worth around $1.12 billion. “Provided that the public offer is accepted in full, Holcim’s stake in (Ambuja) will rise to more than 56%,” Holcim said in a statement. The open offer will be made at Rs 154 per share, representing a 20% premium over the average price of the shares for the last two weeks, Holcim said.