Support The Moscow Times!

Eurocement Ups Rival's Stake

Eurocement Holding, the cement maker controlled by Filaret Galchev, said it raised its stake in Swiss rival Holcim because the price was attractive, in an investment it called "purely financial."

"We've had about 6.5 percent since 2008 and, given the interesting price, we've decided to keep investing and we went above 10 percent," Eurocement chief executive Thierry Sauvaire said Monday.

While Eurocement does not have synergies with Holcim, the company has "very good contacts" with its rival, Sauvaire said. Cooperation between the two companies in Russia would not be possible for antitrust reasons, he said.


Read more

We need your help now more than ever.

Independent media outlets and journalists in Russia are being increasingly targeted with “foreign agent” and “undesirable” labels, threatening the existence of the free press day by day.

Your donation to The Moscow Times directly supports the last independent English-language news source within Russia.