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Holcim acquires Cemex's Aussie division

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Holcim acquires Cemex's Aussie division

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Swiss cement maker Holcim is buying the Australian business of its debt-laden Mexican rival Cemex.

It will pay almost 1.2 one point two billion euros and the money will be raised by selling new shares. The acquisition, which one analyst said was at a good price, is Holcim’s largest for several years. The deal will generate much-needed cash for Cemex which has been struggling to refinance its debt.