LafargeHolcim, a renowned Swiss global company manufacturing various building materials, who back in May 2019, had made a deal with San Miguel Corporation, a renowned conglomerate holding company, to sell the entirety of its 85.7% stakes in Holcim Philippines, has reportedly announced that the deal has lapsed.
The proposed sale of the shares was subject to regulatory and customary approvals, which also included those needed by the PCC (Philippines Competition Authority). However, the regulatory authority did not grant its approval for the transaction before the deadline, which led to the lapse of the acquisition contract.
Due to the ongoing, unprecedented coronavirus crisis across the world, the number one priority of Holcim Philippines is to safeguard the overall health of its workers while subsequently supporting its communities and partners, in complete alignment with the regional authorities.
The company is very proud to see the fast response of its people to this novel situation, for instance, their momentous participation in offering water, food, as well as other essential goods for the communities and providing medical protective equipment to the government frontline staff as well.
With the construction sector playing a key role of keeping the society and economy on track, Holcim Philippines has started operations across three of the company’s four integrated cement facilities. The company is also in a good position for an efficient and quick recovery. Working closely alongside its customers, the company looks forward to aiding the nation’s sustainable and strong growth emerging out of the current crisis.
As a leader in the building materials development across the nation, Holcim Philippines manages a network of manufacturing and distribution assets spanning from Luzon till Mindanao, in close proximity to urban centers, where need for building materials is the highest.
Meanwhile, LafargeHolcim would continue to aim at consolidating its leadership across the Philippines, which is considered to be one of APAC’s most high-growth nations, particularly building upon its brand, its overall customer base, as well as its loyal employees.
Source credit: https://finance.yahoo.com/news/lafargeholcim-announces-lapse-philippines-transaction-230000730.html
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