LafargeHolcim is the leading global construction materials and solutions companyMore
Merger between Lafarge and Holcim
Launch on 1 June 2015 by Holcim of its public exchange offer for all Lafarge shares. At the end of the reopening period, 96.4% of Lafarge shares were tendered. A squeeze-out procedure was therefore initiated and was closed on 23 October 2015. Otherwise, the new LafargeHolcim entity issued a scrip dividend in September 2015, in the proportion of one new LafargeHolcim share for each 20 existing shares, without any impact on GBL’s income statement, in accordance with IFRS. At 31 December 2015, GBL held 9.4% of the new entity and this stake has been accounted as an asset available for sale since 10 July 2015.
GBL supports the merger between Lafarge and Holcim
7 April 2014 - Holcim and Lafarge announced their intention to combine their companies through a merger between equals, unanimously approved by their respective Boards of Directors and which could create the most advanced group in the building materials industry. This operation could lead to enhanced performance through incremental synergies totalling more than EUR 1.4 billion on a full run-rate basis phased in over three years with one third in year one. As Lafarge's largest shareholder, GBL, with a 21.1% shareholding, supports this merger and has committed to contribute all its Lafarge shares to the public exchange offer, which will be initiated by Holcim after the regulatory authorisations have been received. GBL would hold a shareholding of around 10% in the new entity.
Participation in the capital increases of Lafarge, Pernod Ricard and Imerys
During the first half of 2009, GBL invested nearly EUR 485 million in the capital increases launched by Lafarge (EUR 1,500 million; EUR 16.65 per share), Pernod Ricard (EUR 1,036 million; EUR 26.70 per share) and Imerys (EUR 251 million; EUR 20.00 per share) in accordance with its role of long-term shareholder.
Stronger position on Lafarge
Further to the diluting effect of the Orascom operation in January 2008, GBL's shareholding in Lafarge slipped from 17.9% to 15.9%. GBL spent nearly EUR 1.1 billion reinforcing its position in the cement firm, raising its stake to 21.1% at the end of 2008.
More in Lafarge
GBL raised its shareholding in Lafarge from 15.9% at end December 2006 to 17.9%, for a net investment of EUR 332 million. This increase of its stake in the cement manufacturer occurred in a stable and friendly context.
In January 2008 Lafarge and Orascom Construction Industries approved the buyback operation launched in December 2007 on Orascom Cement by Lafarge.
Acquisition of holding in Lafarge S.A.
GBL declared to the AMF on 26 January 2006 its ownership of more than a 5% share in capital and voting rights in Lafarge SA, having on that date reached the level of a 6.5% holding in Lafarge SA. This position, of which Lafarge SA was informed, was built up through the purchase of shares on the market and is an amicable and stable holding. On 28 March 2006, the shareholding amounted to 8.1%.
In dated May 22, 2006, GBL has declared to the "Autorité des marchés financiers" (AMF) that it has passed the 10%-threshold of Lafarge’s capital and voting rights.
In its statement of intent GBL mentioned that it reserves the right to have its shareholding evolve and that it is not seeking immediate Lafarge Board representation.
The building up of this position, known by the management of Lafarge, results from acquisitions on the Stock Exchange and has a friendly and stable character.
As of 30 June 2006, GBL held 10.2% of Lafarge's capital and 9.7% voting rights as a result of different movements in the company's share capital and voting rights.
On 7 September, GBL declared that it once again exceeded the 10% level of voting rights as a result of recent acquisitions on the Stock Exchange.
During the 3d quarter, GBL strengthened its position in Lafarge through an additional investment of EUR 350 million.
On 30/9/06, its position corresponded to 12,1% of the capital and 11,4% of voting rights.