Holcim wants to additionally list North America spin-off on SIX
Published: Friday, Dec 6th 2024, 08:30
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Holcim is making progress with the planned spin-off of its North American business and has announced further details. In addition to being listed on the New York Stock Exchange, the spun-off business will also be listed on the SIX Swiss Exchange.
This is in response to the needs of European investors, the world's largest building materials group announced in a press release on Friday. The company is to be listed on the New York Stock Exchange as a "domestic issuer" in accordance with the regulations of the US Securities and Exchange Commission (SEC), report in accordance with US GAAP and aim to be included in relevant US share indices.
The spin-off of the North American business requires the approval of shareholders at the Annual General Meeting on May 14, 2025, the statement continued. As already announced, the separation of the business in the USA and Canada is expected by the end of the first half of 2025, the cement group added.
According to market observers, a dual listing would have a significant advantage for Swiss fund investors: they could remain invested in the spun-off new North American company, even if they are not allowed to hold US shares.
Benefiting from investments by the US government
According to earlier statements, the future independent North American business should achieve sales of over 11 billion US dollars. The background to this is the US government's multi-billion dollar investment programs: "They will lead to unprecedented spending for the construction industry over the next eight to ten years," said Holcim President Jan Jenisch when announcing the deal at the beginning of the year. The split was necessary in order to fully exploit the potential and get off to a flying start.
According to previous statements, Holcim alone is also a champion with annual sales of CHF 17 billion and an EBIT of over CHF 2.7 billion. In Europe, the remaining group wants to benefit from decarbonization and the trend towards sustainability as a result of the EU's "Green Deal".
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