MANILA, Philippines – San Miguel Corp. has bagged a deal to acquire 85.7 percent stake of Holcim Philippines, the country’s largest cement-maker, for around $2.2 billion.
SMC won an auction that pitted it against Anhui Conch, the largest cement manufacturer in mainland China, in the final round, said industry sources privy to the deal.
“It’s a done deal,” one industry source confirmed to Inquirer on Thursday night.
The acquisition will be made using one of the subsidiaries under SMC.
Eagle Cement Corp., originally thought to be the one in the running for Holcim Philippines, is not part of the deal.
It was earlier reported that SMC has asked its bankers to prepare credit line of between $2.1 billion and $2.3 billion.
Holcim Philippines was sold as part of the rationalization program of its multinational parent conglomerate, Switzerland-based LafargeHolcim.
Shares of both Holcim Philippines (+6.5 percent) and San Miguel Corp. (+3.99 percent) bucked the stock market downturn (-2.16 percent) earlier on Thursday. /g