Lafargeholcim to Sell Assets in 9 Countries, Schneider Revises Aveva Bid

Sarla Buch
13 Jun, 2016
New York City

Lafargeholcim decided 9 countries for asset divestments of about 3.5 billion Swiss franc including Saudi Arabia, South Korea and India. Siemens said it has no interest in robot maker Kuka targeted to

[R]4:00 PM Frankfurt – Lafargeholcim decided 9 countries for asset divestments of about 3.5 billion Swiss franc including Saudi Arabia, South Korea and India. Siemens said it has no interest in robot maker Kuka targeted to €4.5 billion by China-based home appliance maker Midea. Schneider revised its proposal to acquire Aveva.[/R]

European markets traded lower and extended mixed performance of last week in the euro zone.

Oil traded sideways but with a downward bias and the euro continued to firm up against the U.S. dollar.

In London trading, FTSE 100 index slipped 57.30 or 0.9% to 6,058.46 and in Frankfurt the DAX index decreased 142.54 or 1.4% to 9,693.03.

In Paris, CAC 40 index dropped 67.30 or 1.6% to 4,239.42.

Lafargeholcim Ltd dropped 3.2% 40.59 Swiss Franc after the Switzerland-based cement maker said it had identified additional nine countries where the company may divest its asset of about 3.5 billion Swiss franc or $3.63 billion including Saudi Arabia, South Korea and India in 2017.

Siemens AG fell 0.9% to €92.12 after the Germany-based industrial conglomerate chief executive said the company is not interested in robot maker Kuka targeted to be acquired by China-based home appliance maker Midea for €4.5 billion or $5.06 billion.

Schneider Electric SE slumped 1.9% to €54.14 after the France-based electricity supplier confirmed that it is looking to combine its software business with the U.K.-based industrial software provider Aveva Group Plc for about £1.3 billion.

Aveva said it has received a revised proposal from Schneider that was withdrawn after the both companies had failed to agree on merger terms a year ago.