Eurocement missed deadline in nominating Galchev for LafargeHolcim board
MOSCOW. April 16 (Interfax) - Swiss-based cement maker Holcim does not plan to include Filaret Galchev, the owner of Russia's Eurocement Group, which is the second largest shareholder in Holcim, on the list of candidates for a seat on the board of directors of the post-merger company LafargeHolcim.
"On Tuesday morning, April 14, 2015, Holcim announced the names of the candidates proposed to join the Board of Directors of LafargeHolcim after closing. The Board of Directors will comprise 14 members, 7 each designated by Holcim and Lafarge," Holcim said in a statement.
"After this announcement, Holcim received a proposal in writing of its shareholder Eurocement to elect Filaret Galchev to the Board of Directors of the combined company. This proposal came too late to be considered by the Board of Directors of Holcim for inclusion into the agenda of the Extraordinary General Meeting on May 8, 2015," it said.
As of the end of 2014, Eurocement Holding AG owned 10.82% of Holcim. Only Thomas Schmidheiny, the former chairman of the board of directors and a candidate for a seat on the board of the post-merger company, owned more with a 20.11% stake.
Eurocement announced on the day before that on April 14, Eurocement "answered to Prof. Dr. W. Reitzle's proposal to join the LafargeHolcim Board of directors by nominating Filaret Galchev."
"Eurocement Holding AG expects now that Holcim AG Board of directors and Prof. Dr. W.Reitzle, as Chairman of the Board, will honor their proposal," the company said.