Get 40% Off
🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Holcim's biggest shareholder backs plan to list North American business

Published 01/29/2024, 04:38 AM
Updated 01/29/2024, 04:40 AM
© Reuters. FILE PHOTO: The logo of Swiss cement maker Holcim is seen at its headquarters in Zug, Switzerland October 26, 2022.  REUTERS/Arnd Wiegmann/File Photo
HOLN
-

ZURICH (Reuters) - Holcim (SIX:HOLN)'s biggest shareholder has given his backing to the building material company's plan to spin off its North American business through a listing on the New York Stock Exchange.

Swiss billionaire Thomas Schmidheiny, the great grandson of Holcim's founder and a former chairman of the company, owns around a 7% stake in the company, according to his spokesperson.

"Mr. Schmidheiny fully supports the separation and listing of the American business, which he believes is in line with industrial logic," the spokesperson told Reuters.

© Reuters. FILE PHOTO: The logo of Swiss cement maker Holcim is seen at its headquarters in Zug, Switzerland October 26, 2022.  REUTERS/Arnd Wiegmann/File Photo

"This creates new growth prospects for both companies in the future," he added. "Holcim has always followed industrial logic, and this transaction makes complete sense in view of the growth opportunities in the United States."

Holcim on Sunday said it will spin off 100% of its North American operations in a New York flotation which could value the business at $30 billion.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.