(Prague, Czech Republic) — Holcim declines to comment on two hot rumors surrounding their current stock movements. Industry sources say, Holcim is about to launch a hostile takeover of Lafarge SA, with backing from a financier, possibly from Venezuela or Russia. Lafarge has refused to comment, however, its balance sheet has been significantly improved through its Excellence 2008 initiative, even though Lafarge’s revenues have dropped through the reduction of construction globally.
Holcim eyes significant cost reductions through synergies and forecasts major overhead reduction in North America and Europe although Holcim’s position in Africa and South America is still unclear.
By 06.19 am EDT, shares in Holcim had risen 6.2% to 89.50 Swiss francs while Lafarge shares had gained 5% to 84.65 Euros.
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