Shareholder advisor Ethos rejects Holcim, Lafarge merger

Swiss shareholder advisory group Ethos recommended on Thursday rejecting the merger of cement maker Holcim with France’s Lafarge because it believes the Swiss group is better off on its own, reports Reuters.

Zurich-based Holcim needs the support of two-thirds of investors at a shareholder meeting on May 8 in order to approve raising funds to pay for the $40 billion tie-up.

“Ethos is of the opinion that Holcim on a stand-alone basis is better placed to create long-term value than the new entity,” the group, which represents around 200 pension funds, said in a statement on its website.

The Geneva-based firm said the merger would also have an unfavourable effect on corporate governance, with two co-chairmen and fewer than half the board members being independent.


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