|Bid||42.00 x 0|
|Ask||0.00 x 0|
|Day's Range||41.40 - 42.99|
|52 Week Range||28.30 - 53.98|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||11.66|
|Earnings Date||Jul 30, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||52.49|
(Bloomberg) -- LafargeHolcim Ltd. has abandoned its plan to sell 85.7% in Holcim Philippines Inc. after a deal with San Miguel Corp. has lapsed without approval from the nation’s antitrust regulator.“We have decided to no longer sell our business in the Philippines,” LafargeHolcim spokeswoman Eva Mairinger said, declining to comment on how much money the Switzerland-based company lost from the failed sale. Holcim Philippines had a total enterprise value of $2.15 billion when the deal was announced last year and Davy analyst Robert Gardiner said failure to complete the transaction deprives the group of 1.84 billion francs ($1.9 billion) in cash proceeds.The collapsed deal marks another blow to Chief Executive Officer Jan Jenisch’s strategy of cost cutting and reducing debt, which included the sale of businesses in Malaysia, Indonesia and Singapore. In light of the coronavirus spread in March, the world’s largest cement maker had to pull its 2020 guidance and currently expects the biggest impact from the pandemic in the second quarter.Its shares fell as much as much 2.4% on the news, the most in a week, making LafargeHolcim the worst performer in the Stoxx 600 Construction and Materials Index.“The failed sale is disappointing, but no drama as the deal wasn’t crucial for LafargeHolcim to keep its liquidity at a relatively strong level,” Bloomberg Intelligence analyst Sonia Baldeira said, adding that its debt already dropped by 35% in 2019 -- excluding any proceeds from the Philippine unit sale.LafargeHolcim had 8 billion francs in liquidity at the end of the first quarter and plans to pay out a dividend of 2 francs per share for the financial year 2019. It is scheduled to hold its annual general shareholder meeting tomorrow.(Updates throughout.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
LafargeHolcim <LHN.S> has decided to keep its $2.15 billion Philippines business after a deal to sell the operation collapsed, the world's biggest cement maker said on Monday. The agreement to sell four cement plants and one grinding plant to San Miguel Corporation <SMC.PS> fell apart after the Philippines Competition Authority (PCC) did not give approval in time. "With today's unprecedented global health crisis, the world has changed dramatically," LafargeHolcim said of its strategy switch.
Moody's Investors Service, ("Moody's") has today affirmed the backed senior unsecured MTN, the backed subordinate and backed other short term ratings of LafargeHolcim Helvetia Finance Ltd's (LafargeHolcim Helvetia) at (P)Baa2, Ba1 and (P)P-2 respectively. Today's rating action aligns the senior unsecured rating and the outlook of LafargeHolcim Helvetia Finance Ltd with that of its parent company LafargeHolcim Ltd given the guarantee provided to LafargeHolcim Helvetia that is part of the issuer's EMTN programme, and includes the assignment of the Baa2 rating to the recent CHF 250 million bond issuance under the issuer's EMTN program guaranteed by LafargeHolcim Ltd. Moody's stabilized the outlook for LafargeHolcim Ltd on 18 March 2019.
LafargeHolcim ditched its profit forecast for 2020 and announced spending cuts to counter the downturn in construction caused by the coronavirus, the world's biggest cement maker said on Friday, adding it was not planning job cuts for now. The Swiss company said it was trimming capital expenditure by at least 400 million Swiss francs ($416.5 million) compared to 2019 and reducing fixed costs by at least 300 million francs. "In the current situation, hiring people is not the first priority, but there is not a hiring freeze."
LafargeHolcim expects to shake off a "massive slowdown" in China caused by the coronavirus with a rebound in Chinese demand later in the year and strong sales in other regions, the world's largest cement maker said on Thursday. "What we are experiencing at the moment is a massive slowdown in China, however most of our cement plants are running again in China," CEO Jan Jenisch told reporters.
LafargeHolcim <LHN.S> has taken note of a French appeal court decision to drop the charge of complicity in crimes against humanity brought against Lafarge SA over its operations in Syria, the Swiss cement maker said on Thursday. "LafargeHolcim deeply regrets the unacceptable errors committed in Syria", the company said in a statement, adding it "continues to cooperate fully with the French judicial authorities". The French company is still facing charges of financing of terrorists, endangerment of people's lives and violation of sanctions, Lafarge Holcim added, confirming an earlier report by Reuters.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of LafargeHolcim Ltd and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
LafargeHolcim <LHN.S> expects the construction industry to remain buoyant next year despite the downturn dragging on other sectors of the global economy. Other problems, like Britain's protracted exit from the European Union, could even help by stimulating British spending on infrastructure projects, he said as LafargeHolcim reported results in line with expectations. "Many industries at the moment are reporting negative volumes, most prominently in the automotive sector, we don't have that," Jenisch told reporters.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Holcim (Argentina) S.A. New York, September 04, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Holcim (Argentina) S.A. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.