ZURICH (Reuters) - The planned spin-off of Holcim (SIX:HOLN)’s North American business should take place in June, subject to the approval of shareholders at its May 14 annual general meeting, the Swiss building materials company said on Monday.
The business will be completely spun off to its shareholders and the new company is to be known as Amrize. To bring it about, the board envisages a dividend-in-kind of one Amrize share for every Holcim share, the company said in a statement.
Amrize is to be listed under the symbol "AMRZ" on the New York Stock Exchange and on the SIX Swiss Exchange, Holcim said. The company had already said that it planned to carry out the North American listing in the first half of this year.
Holcim said it will provide further updates on the listing as additional information becomes available.
The company targeted a $30 billion valuation when the spin-off was first announced in January 2024.