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News LafargeHolcim

Displaying items by tag: LafargeHolcim

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Cade establishes conditions for LafargeHolcim merger

12 December 2014

Brazil: The Conselho Administrativo de Defesa Econômica (CADE) has approved, with conditions, the merger of Holcim and Lafarge in Brazil. CADE has stated that the companies would have to sell 31% of their installed capacity. The plants to go are based in the States of Minas Gerais (Pouso Alegre, Arcos, Matozinhos, Santa Luzia) and Rio de Janeiro (Cantagalo, Santa Cruz), which have a total of 3Mt/yr of cement production capacity.

Published in Global Cement News
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American focus shifts back north

10 December 2014

This week we heard news of two potential bidders for Lafarge and Holcim divestments. However, for a change it was where they will not be bidding that was of interest: Brazil. India's UltraTech Cement and Colombia's Cementos Argos now seem to have no interest in developing their positions in South America's largest cement market, having both previously stated their interest.

The Brazilian assets to be sold are three integrated cement plants and two grinding plants that share a capacity of 3.6Mt/yr (as well as a one ready-mix plant). Cementos Argos came out and said that it would not be bidding. UltraTech's position is more of a rumour, given by 'a source close to the company' that was not revealed by local media. However, both stories suggest that Brazil is currently not a good place for cement producers to buy up assets.

The reasons for these decisions are related to the state of the Brazilian economy, which has seen sub 2% growth in the last 11 quarters. The economy actually contracted by 0.9% in the second quarter of 2014 and by 0.25% in the third quarter of 2014. A 0.2% rise in the fourth quarter will be negated by a fall of 0.28% in the first quarter of 2015. Over the course of 2015 the IMF forecasts growth of 1.4%.

Although Brazilian cement production has risen from around 40Mt/yr in 2006 to around 70Mt/yr in 2013, it has been growing by lower and lower amounts each year. In 2013, it rose by 1.5% year-on-year, down from a 6.7% rise in 2012, an 8.3% rise in 2011 and a near 16% rise in 2010. Taken along with the IMF's GDP growth forecast, there is a genuine chance that Brazilian cement sales could plateau in 2014 or 2015. There will certainly be better places to try to sell cement over the next couple of years, hence the eagerness with which Cementos Argos declared its position.

One country that Cementos Argos has said it's looking at Lafarge and Holcim assets in is Mexico. Its economy is anticipated to grow by 3.5% in 2015, more than twice as quickly as Brazil and far more than the Americas as a whole (2.2%). Another anticipated strong performer in 2015 will be the US (3.1%), where Cementos Argos acquired assets in 2013. This week also saw the news that the Portland Cement Association's 8.1% cement consumption forecast for 2014 will be met.

Taking this all together, it appears that economic growth, and hence cement demand growth, will return to North America in earnest in 2015. Meanwhile South America's largest market is starting to lag behind. How will the rest of the two continents fare in 2015 and beyond?

Published in Analysis
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Cementos Argos will not ‘do battle’ for LafargeHolcim divestments in Brazil

10 December 2014

Brazil: Colombia's Cementos Argos has decided not to 'do battle' for cement-sector assets in Brazil that currently belong to the European giants Lafarge and Holcim. The Colombian multinational has informed the Superintendencia Financiera that it does not see such a purchase as being likely to generate the value its investments would expect.

Thus, Argos puts an end to three months of expectation regarding a possible debut in Brazil for the company. The assets in Brazil's Sudeste region are up for grabs so that the merger can meet with anti-monopoly requirements and amount to some US$1bn. Argos had been in consultation with local financial giant Itau concerning a possible bid. The Colombian cement group's foreign eye will most likely focus now on Mexico, another nation mentioned fondly by company president Jorge Mario Velasquez.

Published in Global Cement News
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UltraTech ‘pulling back’ from LafargeHolcim bids

10 December 2014

India/Brazil: UltraTech Cement is re-evaluating its decision to bid for the Brazilian assets of Holcim SA, according to local media. The Aditya Birla group company had submitted non-binding bids for the cement assets in October 2014. Any binding bids are due in January 2015.

The Brazilian assets on sale include three integrated cement plants and two grinding stations that share a total capacity of 3.6Mt/yr. There is also one ready-mix plant. Now, rather than investing in those assets, the UltraTech plans to focus and expand its domestic cement production, according to local media, but an UltraTech spokeswoman said that company does not comment on market speculation.

The decision to re-think the Brazilian investment may stem from weak demand conditions in the market. The Brazilian economy has seen sub 2% growth in the last 11 quarters. For the three months ending 30 September 2014, the Brazilian economy actually contracted by 0.24%.

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Competition Commission of India to take more time to decide on LafargeHolcim merger

24 November 2014

India: The Competition Commission of India (CCI) has said that the LafargeHolcim merger is likely to have an adverse effect on the competition in the cement industry. The anti-trust regulator has asked the two companies to publish details of the deal on their websites as well as publish them in four leading daily newspapers. It has also sought comments or objections from the public within 15 days of the merger details being published. CCI chairman Ashok Chawla has said that the CCI would take around two months to decide on the deal.

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Holcim and Lafarge negotiate merger conditions with Cade

20 November 2014

Brazil: Holcim and Lafarge are actively negotiating an agreement with Brazil's anti-trust council, Conselho Administrativo de Defesa Econômica (Cade), to gain approval for their merger.

The deal involves divestitures of 31% or 3.6Mt/yr of Lafarge and Holcim's joint cement production capacity in Brazil. The assets could be sold to single company or several bidders. Holcim is still bound to pay Cade a US$197m fine that was imposed due to cartel practices. Lafarge paid US$16.7m to Cade in 2007 to end the investigation into its practices.

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Holcim expects to pick buyers for assets in January 2015

18 November 2014

Switzerland: Holcim has said that it expects to have selected buyers for the assets that it must divest to push through its merger with Lafarge by the end of January 2015. Holcim's CFO Thomas Aebischer said that the company had received more than 60 non-binding bids by 20 October 2014.

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Oyak Group eyes LafargeHolcim assets amid expansion

14 November 2014

Turkey: Oyak Group, Turkey's military pension fund, has US$2bn in cash for acquisitions and may spend some of it on assets being divested by Lafarge and Holcim.

Oyak is interested in Holcim and Lafarge businesses in countries including Romania, Serbia and Hungary, according to Celal Caglar, Oyak's head of the cement and automotive unit. Holcim and Lafarge need to sell units to gain regulatory approval for their planned merger to form LafargeHolcim. In Europe, regulators have set a 15 December 2014 deadline to either approve the deal or open a deeper investigation.

"We are interested in bidding as Oyak or together with a European group," said Caglar. Oyak has US$2bn in cash for acquisitions and can leverage it more than five times if needed, he added. "We are closely following the sale process."

On 10 November 2014 Oyak completed the purchase of Turkey's Denizli Çimento from Ireland's CRH and Turkey's Eren Holding AS for between US$400m and US$450m, as part of Oyak's expansion plans. Oyak has a cement production capacity in Turkey of 20.1Mt/yr, or 19% of the country's market share, through its six plants, including Denizli. It has a clinker production capacity of 10.3Mt/yr, or 15% of Turkey's total. Oyak expects Turkey's cement market to grow by 5% in 2015 after an estimated 6% in 2014, helped by projects including highways, a road tunnel under the Bosporus, stadium constructions and new metro lines.

Published in Global Cement News
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LafargeHolcim to retain Cauldon cement plant

10 November 2014

UK: In January 2014, the UK Competition Commission (CC) instructed Lafarge Tarmac to sell one of its two cement plants to enable a new company to compete in the industry. In light of the LafargeHolcim merger, Lafarge plans to sell Lafarge Tarmac and all of its assets in the UK, with the exception of the Cauldon cement plant in Staffordshire, to a new market entrant. Following the merger, the newly-formed LafargeHolcim would retain the Cauldon cement plant.

The Cauldon plant would remain under the management of Lafarge Tarmac until the merger. "There is unlikely to be much change for employees," said a Lafarge Tarmac spokesperson. "Until the LafargeHolcim merger is completed, the plant remains part of Lafarge Tarmac and will be managed as such with no change for employees, customers or suppliers." The decision was made by the company's shareholders.

Published in Global Cement News
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Lafarge profit falls by 28% to Euro218m in third quarter of 2014

05 November 2014

France: Lafarge has reported that its net profit fell by 28% year-on-year to Euro218m in the third quarter of 2014 from Euro304m in the same period in 2013. The France-based building materials company blamed the drop on the war in Iraq and a sluggish construction market in France.

Overall sales revenue fell slightly to Euro3.64bn. Earnings before interest, taxation, depreciation and amortisation fell by 4% to Euro887m from Euro920m. Cement sales volumes fell slightly to 31Mt.

"In a quarter marked by more moderate growth, we continued to progress on implementing our actions to reduce debt, cut costs and promote innovation... We shall meet our 2014 Euro600m cost-cutting and innovation target and confirm our 2015 Euro550m objective," said Lafarge's CEO, Bruno Lafont.

The company noted that volume trends eased in the third quarter with a more challenging comparable in Europe, mostly in France, where the construction sector remains subdued and in Iraq, the ability to transport cement across the country was limited. Meanwhile, in most emerging markets and in the United States, growth continued and the company benefited from the start-up of its new plants in India and Russia.

Looking ahead, Lafarge confirmed its estimate of market growth of between 2% to 5% in 2014 versus 2013. The company added that it has decided to pause its stand-alone divestments pending completion of the planned merger with Holcim.

Published in Global Cement News
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