Concerns that the Fed will have to wrestle with elevated inflation for a long time slowed this week’s rally
In energy matters, the government appears enslaved by ‘first world’ norms and standards
The accused were arrested as part of a Hawks operation to nab alleged instigators who incited public violence during looting and destruction in 2021
Nedbank failed to comply with certain provisions the Financial Intelligence Centre Act
Mudiwa Gavaza is joined by Larry Masson, a financial adviser and franchise principal at Consult by Momentum.
Parent company London-listed Pearson Plc said the disposal was part of a strategic review.
US attorney-general Merrick Garland has asked a judge to unseal the search warrant for Trump’s home
Top swimmers have a rivalry that could develop into one of SA sport’s greatestt
Rushdie’s condition is not immediately known
India’s Adani Group acquired a controlling stake in Holcim’s cement businesses in India in a $10.5bn deal to become the second-biggest cement producer in the country, Adani said in a statement on Sunday.
Asia’s richest person Gautam Adani’s conglomerate acquired 63.19% of Ambuja Cements and its subsidiary ACC in fierce bidding with local companies.
The divestment is the latest move by Holcim as it seeks to reduce its reliance on cement production, an industrial process which produces high levels of carbon emissions and has therefore deterred many environmentally conscious investors.
In recent years the Switzerland-based company accelerated its efforts to get out of carbon-intensive cement making.
Ambuja and ACC have a combined capacity to produce at least 70-million tonnes of cement annually, second to UltraTech Cement, which has 120-million tonnes capacity.
The Adani family, through an offshore special purpose vehicle, had entered into definitive agreements for the acquisition of Holcim’s entire stake in Ambuja and ACC, the Adani Group said in a statement.
Holcim said in a statement it had signed a binding agreement for the Adani Group to acquire Holcim’s business in India, comprising its stake in Ambuja Cement, which owns a 50.05% interest in ACC, as well as its 4.48% direct stake in ACC. Holcim would receive nearly $6.4bn for the stakes.
The Adani Group said it would acquire more shares through an open offer.
The transaction is expected to close in the second half of 2022, Holcim said.
Adani Group’s flagship firm Adani Enterprises has two cement subsidiaries. Adani Cementation plans to build an integrated facility in western Gujarat and Maharastra states, according to an official in the Adani group.
Ambuja Cement has 14 cement plants, employing 4,700 people. ACC has 17 cement plants and 78 ready mix concrete factories and employs 6,000 people.
Official sources said the latest deal was the biggest divestment since Holcim merged with French rival Lafarge in 2015.
Since then the company has been selling fringe parts of its business as it seeks to concentrate on North America and Europe.
In 2021, the company sold its Brazilian operation for $1.025bn and it also exited the Philippines and Indonesia.
Would you like to comment on this article? Register (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.