DAVY VIEW

Holcim has, as expected, agreed to sell its Brazilian business with a price achieved of US$1.025bn. The disposal is in-line with the group’s strategy to divest non-core emerging market assets to invest in growth opportunities in sustainable building solutions. The deal will further reduce debt following Firestone and frees financial capacity to pursue a similar acquisition. That remains firmly at the forefront of management’s thinking, with the CFO ruling out a share buyback at our Industrials Conference yesterday (play-back facility available).