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LafargeHolcim Emerges From Messy Merger With U.S. Deal
This content was published on January 7, 2021 - 11:36
January 7, 2021 - 11:36
(Bloomberg) LafargeHolcim Ltd. is buying Bridgestone Corp.’s Firestone Building Products unit for $3.4 billion as the cement behemoth turns the page on years of restructuring that followed its creation in 2015.
The transaction will expand LafargeHolcim into the roofing business in the U.S., its largest market, Chief Executive Officer Jan Jenisch said in a statement Thursday. The company also aims to broaden the asset’s reach to Europe and Latin America.
Jenisch, hired in 2017 to clean up the botched Swiss-French merger of Holcim Ltd. and Lafarge SA, had to slash costs and sell assets in Southeast Asia to salvage the transaction. The ex-CEO of chemical and roofing-membrane maker Sika AG is now returning to his earlier stomping ground and pitting LafargeHolcim against his former employer in some markets.
Synopsis
Alibaba fell more than 5 per cent and Tencent dropped as much as 4.4 per cent in Hong Kong trading on Thursday, tracking losses in their New York-listed securities.
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At $1.3 trillion, the combined market value of their primary listings is nearly twice the size of Spain’s stock market, while the firms together account for about 11 per cent of the weighting for MSCI Inc.’s emerging markets benchmark.
Alibaba Group Holding Ltd. and Tencent Holdings Ltd. led a technology stocks selloff as the Trump administration considers barring investments in China’s two most valuable companies.
Alibaba fell more than 5 per cent and Tencent dropped as much as 4.4 per cent in Hong Kong trading on Thursday, tracking losses in their New York-listed securities. The State Department, Department of Defense and Treasury Department are among authorities involved in the deliberations, according to people with knowledge of the talks. The discussions focus in part on how such a m