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Lafarge India sale moves to final stage 07 July 2016
India/Switzerland/UK: The five bidders that gave their final bids for Lafarge India’s 11Mt/yr cement business have been called to London, UK for the final leg of discussions, which started on 7 July 2016. Multinational bidders, including Mexico’s Cemex and China’s Anhui Conch, are believed to have bid aggressively. Domestic bidders Ajay Piramal Group, Nirma and Sajjan Jindal-led JSW Cement also submitted bids earlier in the week.
The bids are in the range of Euro1.19-1.33bn, which implies an enterprise value of US$108-121/t, comparable to UltraTech’s recent acquisition of JP Group’s cement assets for US$116/t.
“This discussion in London could take three to four days to finalise,” said a banker familiar with the development. “The winner will be decided not just on the price quoted for assets but also other conditions for the bid,” he said. Once the winning bid is decided, an exclusivity agreement will be signed with the bidder and it will take around three months to complete the deal.
Cyprus Cement expects improved performance 06 July 2016
Cyprus: Cyprus Cement has announced that it expects to see a ‘significant’ profit in the first half of 2016 compared to a marginal profit in the first half of 2015.
Heracles completes first stage of Volos upgrade 06 July 2016
Greece: Heracles Cement Group, a subsidiary of LafargeHolcim, has announced the completion of a first phase of an investment plan to modernize its factory in Volos.
The Euro5m investment project aims to boost the competitiveness of the factory in the domestic market and to boost its export activity. The project has been interpreted by some as evidence of LafargeHolcim’s longer term confidence in the country, which has suffered from poor economic conditions and a weakened construction sector for much of the past decade.
Eric Jaschke becomes CFO at Schenck Process
Written by Global Cement staff
06 July 2016
Germany: Eric Jaschke has been appointed Chief Financial Officer (CFO) at Schenck Process Group with effect from 1 July 2016. Jaschke will preside over the Schenck Process Group’s global financial organisation, working closely with Andreas Evertz, President and Chief Executive Officer (CEO). Jaschke has already fulfilled the role of CFO on a provisional basis since October 2015.
Jaschke started his career at Schenck Process in 1999 as a specialist for international controlling. In this capacity he focused on building and advancing a management information system. He was CFO of Schenck Process Australia from 2006 to 2007 and became Managing Director of the company in Australia at the start of 2008. Jaschke returned to Germany in 2012 and led the Business Unit Heavy in Darmstadt, one of the four core Business Units of Schenck Process.
Jaschke holds a master’s degree in business administration at the Macquarie Graduate School of Management in Sydney, Australia. He gained his bachelor’s degree at the Baden-Württemberg Cooperative State University in Mannheim, Germany.
LafargeHolcim appoints Alessandra Girolami as Head of Investor Relations
Written by Global Cement staff
06 July 2016
Switzerland: LafargeHolcim has appointed Alessandra Girolami as the group’s new Head of Investor Relations from 1 September 2016. Girolami will report to group chief financial officer Ron Wirahadiraksa. She replaces Michel Gerber, who will leave the group.
Girolami joins LafargeHolcim from the Carrefour Group, where she has been in Investor Relations since 2005 and Head of Financial Communications and Investor Relations since 2014. She began her career at ABN AMRO as a sell-side analyst. Girolami graduated from ESCP Europe with a major in finance and holds a postgraduate degree in Applied Economics from the Institut d’Etudes Politiques in Paris.