Swiss firm Holcim gets more than 60 bids for sale of assets

Switzerland's Holcim has received more than 60 bids for assets it must sell to win regulatory approval for a merger with Lafarge, the cement company said as it reported third-quarter results that missed targets.

Sales and profit were hurt by a weaker than expected recovery in Europe, illustrating the need for the planned merger with Lafarge to increase the pair's access to emerging markets where infrastructure spending is on the rise.

The merger will create the world’s top cement group with $44 billion (€35bn) in annual sales, helping to cut costs and better cope with the sluggish demand that has dogged the sector since the 2008 crisis.

To steer the deal past antitrust regulators, the companies have drawn up a list of assets they plan to sell, representing about 12 per cent of combined sales. – Reuters