Chris started his career as a researcher in BBC Television’s documentaries department and then became a financial journalist. He was previously Investment Banking Correspondent and Senior Corporate Reporter at the Financial Times, Financial Editor of The Independent and a companies writer at the Investors Chronicle. Chris has also worked at communications consultancy Financial Dynamics (now FTI), as an Associate Partner.
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Investors worry the cement groups’ $50 bln merger will destroy value, with rushed disposals to win antitrust clearance. But if the Franco-Swiss duo has found the right assets to sell, and the synergies stack up, it’s worth swallowing some losses to get on with the integration.
The cement groups’ shares are pricing in half of the value of the benefits claimed for their $50 bln merger. Doubt surrounds whether the deal completes, the size of the synergies and the risk of value destructive asset sales. Our calculator puts you in control of the moving parts.
Mega-mergers usually have every bank in town advising, led by local names. Holcim’s tie-up with Lafarge is different. The Swiss company is using one bank, a U.S. firm. Independents lead the French side. It’s good for investors: they’ll have more unconflicted research on the deal.
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