According to the Wall Street Journal, the proposed megamerger of cement giants Holcim and Lafarge has hit a snag, with Holcim’s board rejecting proposed terms from Lafarge.
Lafarge operates a large cement plant on the Hudson River near Ravena and Coeymans, while Holcim appears to have sold its interests in its former Catskill plant, Greenport quarries, and Hudson waterfront properties to smaller construction materials businesses. (This site is not 100% confident that they have fully relinquished all future mining rights or other options on its former Hudson Valley holdings.)
Though the Journal characterizes this news as “cast[ing] serious doubt” on the merger, it seems more of a speedbump than a roadblock. Each company’s stock is down today, Lafarge’s substantially. The boards of these two massive industrial polluters have major incentives to see the merger through to completion, so Holcim’s move looks more like posturing to gain concessions than a deal-breaker.
UPDATE: The New York Times also weighs in on the development.
[h/t Peter Jung, Ken Dow]