Holcim PH deal dropped, San Miguel Corp(SMC) is no longer pushing through with its $2.15-billion acquisition of leading cement maker Holcim Philippines Inc(HLCM). The company stock price dropped -22.57% today.
SMC told the Philippine Stock Exchange on Monday that its agreement to acquire 85.73 percent shares of HPI dated May 10, 2019, had now lapsed in accordance with its terms. Completion of the acquisition required the approval of the Philippine Competition Commission (PCC) which was achieved at this time, SMC said.
With the collapsed deal, Holcim Philippines will remain under the control of Union Cement Holdings Corporation with a 60.55 percent stake, as well as global firm Holderfin B.V. (18.11 percent), and Cemco Holdings, Inc. (7.08 percent), the company told the local bourse.
Related: SMC cancels deal to buy into Holcim Philippines ; SMC’s Holcim PH takeover deal falls through ; The Coronaconomy Battle
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