San Miguel Corp.: Proposed Acquisition of Holcim Philippines Shall No Longer Proceed
May 10 2020 - 9:53PM
Dow Jones News
By P.R. Venkat
San Miguel Corp. said its plan to acquire Holcim Philippines
Inc. would no longer proceed as it had failed to secure approval
from the Philippine Competition Commission.
The agreement to acquire 85.73% shares of Holcim Philippines
from LafargeHolcim Ltd. has now lapsed and the launch of tender
offer has been withdrawn, San Miguel said Monday.
LafargeHolcim Ltd. had in May last year said that it had agreed
to sell its Philippines unit to San Miguel for an enterprise value
of $2.15 billion.
The sale was part of LafargeHolcim's strategy to exit from the
Southeast Asian markets. Last year, the Swiss cement maker sold its
Indonesia operations to Semen Indonesia (Persero) for $1.75
billion.
San Miguel's acquisition was initially due to close in the
fourth quarter of 2019, subject to regulatory approvals.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
May 10, 2020 21:38 ET (01:38 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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