LafargeHolcim's deal to sell its Philippines business, valued at $2.15 billion, has failed after the country's competition authority did not give approval in time.
FILE PHOTO: The logo of LafargeHolcim, the world's largest cement maker, is seen at its headquarters in Zurich, Switzerland March 2, 2017. REUTERS/Arnd Wiegmann
The world’s biggest cement maker announced the sale of its entire 85.7% stake to industrial group San Miguel Corporation in May 2019 and was expected to complete the transaction by the end of 2019. “The PCC did not issue an approval of the transaction within the required time period and consequently the agreement lapsed,” LafargeHolcim said on Monday.
The Swiss company has also quit Indonesia, Malaysia and Singapore, where its businesses together with the Philippines operation were worth $4.9 billion.
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