ACC stock down 1%, Ambuja Cement down 2% after calling off merger

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ACC, Ambuja Cements not proceeding with merger plan; stocks down 1-2%
ACC and Ambuja Cements, the two Indian units of LafargeHolcim, said they are not proceeding with the merger at this juncture. Shares of ACC are down close to a percent and that of Ambuja Cements is down 2%.


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"On the basis of a comprehensive evaluation carried out by both the special committee and Board of Directors of the company, the board is of the opinion that there are at present certain constraints in implementing a merger between the company and Ambuja Cements (ACL)," ACC said in a filing to BSE.

The company is therefore not proceeding with the merger at this juncture, though this remains the ultimate objective, it added. In a filing to the bourses, Ambuja Cements also said it was not pursuing a merger with ACC at this point in time, though it remains the ultimate goal.

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