Cement merger a step closer

Shareholders of Swiss cement maker Holcim paved the way for the planned merger with French rival Lafarge SA by approving a capital increase needed for the deal.

Almost 94% of investors present at an extraordinary general meeting approved the move yesterday. Holcim had needed two-thirds of its shareholders to back the capital hike and create the world’s biggest cement maker with a market value of more than $46bn (€40.9bn).

The companies tweaked the original merger agreement in recent weeks to win over Holcim investors who were unhappy about the performance of Lafarge since the deal was agreed last year.