Ion-Marc Valahu answers Bloomberg – interview published on Boursorama – 04.04.2014
“Ion-Marc Valahu, manager at Clairinvest, stressed his side need a consolidation in the construction industry due to overcapacity.”
pair Alexandre Boksenbaum-Granier a Natalie Huet
PARIS (Reuters) – Lafarge and Holcim announced Friday it was in talks on a possible combination, which would create the world's largest cement, confirming speculation has boosted the action of French group to a high of four and a half years in Exchange.
Both groups, in separate statements, specify that the discussions are based on the principles of a merger of equals and added that no agreement has yet been reached.
“We estimate that Lafarge Holcim, given the strong complementarity of their portfolio and cultural proximity between the two companies, there is a logic to consider such a comparison, whose implementation would result in positive effects for both customers and employees and shareholders of both groups”, they write.
Before, l’agence Bloomberg, citing people familiar with the matter, had reported that the French and Swiss cement competitor discussing a merger to create a valued on the stock exchange over 50 Milliardo of dollars (36,5 Milliardo euros).
Analysts warn, however, that Lafarge and Holcim could face the competition authorities.
“POSITION PARENT”
“There would be potential competition problems in the United States, au Canada, Brazil and France, an entity Lafarge-Holcim to have a dominant position”, souligne Abdelkader Benchiha, analyst at Natixis.
Nevertheless considers that such an operation would make sense in the industrial and geographical.
“Lafarge is strong in Africa and the Middle East, where Holcim is virtually absent (…) Holcim has a strong position in Latin America, where Lafarge is not established. In outre, and Asia, implementations of both companies show some complementarity”, adds analyst.
Ion-Marc Valahu, manager at Clairinvest, stressed his side need a consolidation in the construction industry due to overcapacity.
Title Lafarge ended up 8,9% to 64,09 euros in volumes accounting for 8,9 times their daily average of the last three months on NYSE Euronext, after touching in a meeting earlier in October 2009, to 64,58 euros (+9,7%).
The value, which progressed only 1,5% mid-day, has signed the largest increase in the CAC 40, up 0,79%.
His side, Holcim a grimpé de 6,86%, in volumes equivalent to 5,4 times their usual daily average, after regaining its level in May 2010.
The European construction sector is granted 2,06%, largest sectoral increase in Europe, et l'allemand HeidelbergCement 4,3%.
(Sudip Kar-Gupta with and Blaise Robinson, edited by Dominique Rodriguez)
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