The world's number one supplier of cement and aggregates, Holderbank, has announced plans to spend more than SFr4 billion on the largest expansion in its history. However, the Portuguese government opposes the move.This content was published on June 16, 2000 - 14:08
World number one cement maker looking to expand
The world's number one supplier of cement and aggregates, Holderbank, has announced plans to spend some SFr4 billion on the largest expansion in its history. However, the Portuguese government opposes the move.
A communiqué from Holderbank headquarters in Glarus said that the new activities would be in Portugal, Brazil, Morocco, Tunisia and Mozambique.
The Portuguese company SECIL has decided to extend its operations through an international network and has invited Holderbank to enter into an agreement.
SECIL is planning an unfriendly take-over of its main rival Cimento de Portugal (CIMPOR) and wants to sell off two-thirds of the activities to Holderbank to finance the acquisition and to satisfy regulatory authorities.
Holderbank said it intended to finance the acquisition with initial bridging funds, eventually supported by an equity injection.
However, the Portuguese government, which has a stake in CIMPOR, has said it will oppose the plans because it goes against the spirit of its recent privatisation programme.
swissinfo with agencies