Holcim eschews loan in favour of equity for Cemex Australia buy
Switzerland’s Holcim will avoid the loan market when it finances the A$2.02bn (Eu1.2bn) takeover of Cemex’s Australian operations that it launched on Monday. Holcim, rated Baa2/BBB/BBB, said that the acquisition of Cemex Australia and a further 25% of Cement Australia — of which it already owns half — will be backed by a rights issue of about Sfr2bn (Eu1.3bn).
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