Holcim open offer for India Ambuja to start 14 Nov

Holcim open offer for India Ambuja to start 14 Nov

By Reuters

Mumbai: A delayed open offer by Swiss cement maker Holcim for a further 20% in India’s Ambuja Cements Ltd will start on 14 November, nearly a month behind the original date, a newspaper advertisement showed.

Holcim, which already owns about 40% in Ambuja, had said in August it planned to buy a further 20% in Ambuja Cements, or up to 306.6 million shares, from its public shareholders at Rs154 per share ($3.9), beginning 18 October.

In October, offer manager DSP Merrill Lynch said the open offer was postponed till further notice and did not give a reason for the delay.

The open offer will now start on 14 November and close on 3 December, an advertisement in the papers showed on 7 November. Assuming full acceptance, Holcim will hold 60.45 in Ambuja on closing of the offer, DSP Merrill Lynch said in the advertisement.

Shares in Ambuja Cements were up 2.2% at Rs147.25 in a slightly firm Mumbai market.