Europe / Middle East / Africa
Holcim’s third-largest investor sells 320 million-franc stake
Jun, 25 2012
(Switzerland) -- Holcim Ltd. third-largest investor, The Capital Group Companies, sold a 320 million-franc ($333 million) stake in the Swiss maker of cement on June 20, reducing the impact of a fine imposed on Indian operations.
The asset manager now owns 2.96 percent, Jona-based Holcim said in a press release today. That’s down from 4.9 percent as of Sept. 13, data compiled by Bloomberg show.
Holcim shares fell as much as 3.9 percent on June 22, after India’s competition commission fined two of Holcim’s subsidiaries a combined 390 million francs. The Capital Group Companies share sale was completed on June 20, according to a statement from the Swiss SIX stock exchange.
Holcim and The Capital Group Companies didn’t give a reason for the sale. Former Holcim chairman Thomas Schmidheiny and Russian cement-maker Eurocement Holding AG, controlled by billionaire Filaret Galchev, are Holcim’s largest shareholders controlling about 30 percent of the company.
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