The Russian firm Eurocement has confirmed it has been buying up stock in St Gallen-based Holcim, one of the world's largest suppliers of cement.This content was published on September 22, 2008 - 10:05
In a statement released on Monday, Holcim said it was informed by Eurocement on September 19 that the Russian firm held 17,187,000 or 6.52 per cent in registered shares and rights. It said it welcomed the move.
"Every shareholder is welcome at Holcim, so long as there is an eye for the long-term industrial interest of our firm," a Holcim spokesperson said.
Eurocement called its strategy friendly and said it was in the interest of the company.
The disclosure came after Holcim shares shot up over 30 per cent last week on the Swiss Stock Exchange.
The ownership thresholds of Switzerland's Stock Exchange Act 3 and 5 had been exceeded on September 15 and September 16 respectively, Holcim said, requiring the Russian firm to make the disclosure.
Holcim employs some 90,000 people on sites in more than 70 countries.
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