On Monday the Swiss company Holcim announced that the demerger of its North American activities should take place in June, subject to shareholder approval at its AGM scheduled for May 14.
The company will be fully demerged from the group for the benefit of shareholders, via a dividend in kind: each Holcim shareholder will receive one share in the new entity, named Amrize, for each share held, the statement said.
Amrize will be listed under the symbol "AMRZ" on both the New York Stock Exchange (NYSE) and the Swiss Exchange (SIX). Holcim had already indicated its intention to proceed with this North American listing in H1 2024.
The group said it would provide further information on the IPO as it became available.
When the deal was first announced in January 2024, Holcim was targeting a $30bn valuation for the new entity.
However, Jefferies analysts have reservations: "We believe Holcim is currently trading close to the value of the sum of its parts, and in the near term we remain cautious about Amrize's ability to achieve the valuation sought by management, given the current cautious outlook for growth in the US," their latest note said.
