PREDATORS ON PROWL
Almost eight years ago, Russian cement assets were available for a
bargain of USD 10/ tonne, while the normal global deal was at USD
250/ tonne (Cemex-Southdown US deal). Last weak, a Russian
Cement Co (Euro Cement) acquired a 6.5% share in Holcim – world’s
largest cement producer, sending the stock up by 40% in a matter of
few days (Refer to page 6 for Holcim's top five shareholders). The
stock, however corrected after clarification on ‘no open offer/hostile
takeover’. Given the current attractive market valuation of Indian
cement cos, we expect consolidation activity to pick up.

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