Freshfields advises LafargeHolcim on divestment of controlling stake in Holcim Philippines, Inc.Freshfields Bruckhaus Deringer (‘Freshfields’) is advising LafargeHolcim, a global leader in building materials and solutions, on the divestment of its entire 85.7 per cent shareholding in Holcim Philippines, Inc. (listed on the Philippine Stock Exchange (PSE)) to First Stronghold Cement Industries, Inc. (a wholly-owned subsidiary of PSE-listed San Miguel Corporation) for an enterprise value of US$2.15bn, on a 100 per cent. basis. Holcim Philippines, Inc. operates four integrated cement plants and one grinding plant. San Miguel Corporation is one of the Philippines’ leading diversified conglomerates with operations in food & beverage, packaging, fuel and oil, power and infrastructure.
This divestment completes LafargeHolcim’s strategic exit from the increasingly hypercompetitive arena in South East Asia. Closing of the transaction is expected in Q4 2019 and is subject to Philippine Competition Commission approval. The acquirer will be required to conduct a tender offer for the shares held by the minority shareholders of Holcim Philippines, Inc.
A joint team from Freshfields’ European and Asian offices is advising on the transaction, led by partners Alan Mason and Nigel Gleeson (Global Transactions), Peter Clements and Helen Lethaby (Tax), and Rafique Bachour (Antitrust).
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