Successful tender in Mexico - capital increase by 1.5 billion

03.15.2004
 

Successful conclusion of the public tender offer to minority shareholders of Holcim Apasco in Mexico. Holcim increases its interest in its Mexican Group company to 93.4 percent.


The Board of Directors proposes to the Annual General Meeting of May 14, 2004 that a capital increase in an amount of CHF 1.5 billion be carried out with subscription rights for existing shareholders. The terms are to be published mid-May 2004.

 

Under the public tender offer made to minority shareholders of Mexican Group company Holcim Apasco, S.A. de C.V., a total of 57,931,967 shares held by third-party shareholders had been tendered to Holcim Ltd by the close of the tender period on March 12, 2004. Holcim is delighted that the offer has met with such wide acceptance. In accordance with the terms of the offer, Holcim will pay USD 10.20 per share. This corresponds to a total purchase price of USD 590.9 million. Holcim's interest in the Mexican Group company has been increased from 68.9 percent to 93.4 percent. Holcim plans to initiate the necessary steps to have the Holcim Apasco shares delisted from the Mexican Stock Exchange.

 

The Board of Directors of Holcim Ltd will propose to the Annual General Meeting of May 14, 2004 that a capital increase be carried out with subscription rights to existing shareholders, aiming for proceeds of CHF 1.5 billion. The share capital is to be increased by a maximum of CHF 67.1 million to CHF 469.5 million par by issuance of a maximum of 33.54 million registered shares with a par value of CHF 2.- The new shares will entitle holders to a full dividend for the current financial year. The terms of the capital increase are to be published after approval by the Annual General Meeting.


Holcim intends to use the raised capital to underpin the major Mexican transaction and the financial investments made since the previous capital increase in June 2001, which together total some CHF 3 billion. This will enable Holcim to reinforce its financial profile and set the basis for further growth.

 

 

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With majority and minority interests in more than 70 countries on all continents, Holcim is one of the world's leading suppliers of cement, as well as aggregates (gravel and sand), concrete and construction-related services.

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Supplementary information:

The takeover offer tendered to third-party shareholders of Holcim Apasco, S.A. de C.V. is in line with Holcim's wish to tie the Mexican company more strongly into the Group and to utilize the regional and financial network potential more effectively.

Holcim Apasco, S.A. de C.V. is a leading Mexican supplier of cement, ready-mix concrete and aggregates. The company serves the entire Mexican market and operates 6 cement plants with an annual capacity of just over 10 million tonnes. Holcim Apasco also has 80 ready-mix concrete facilities and 3 quarry operations for aggregates as well as shareholdings in other cement producers in Central America. Holcim Apasco, S.A. de C.V. reported a profit of USD 210 million in 2003 on net sales of USD 960 million.

THIS PRESS RELEASE IS NOT BEING ISSUED IN THE UNITED STATES OF AMERICA AND SHOULD NOT BE DISTRIBUTED TO UNITED STATES PERSONS OR PUBLICATIONS WITH A GENERAL CIRCULATION IN THE UNITED STATES. THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER OR INVITATION TO SUBSCRIBE FOR OR PURCHASE ANY SECURITIES. IN ADDITION, THE SECURITIES OF HOLCIM LTD HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE UNITED STATES OR TO U.S. PERSONS ABSENT FROM REGISTRATION UNDER OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE UNITED STATES SECURITIES LAWS.

 
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