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Hamas stated that it has so far handed over the remains of 24 detainees.Ukrainian special forces claim they attacked a Russian oil depot in Crimea.On November 10th, gold futures extended their gains, rising above the $4,100 mark. Saxo Bank analysts stated, "Despite rising bond yields again, investors remain willing to increase their exposure to precious metals." Market participants are weighing signs of a weakening US economy and progress toward ending the government shutdown. Analysts said, "The reopening of the government will restore data flow and reignite expectations for a December rate cut, but more importantly, it will refocus market attention on the deteriorating US fiscal outlook." Traders also continue to price in expectations of a December rate cut, despite the Federal Reserve maintaining a cautious stance—a particularly favorable scenario for non-interest-bearing gold.On November 10th, Rabobank FX strategist Jane Foley stated in a report that the dollar could rise if the delayed official US data is positive. The end of the US government shutdown will allow official data releases to resume. She believes this data could improve the outlook for the US economy. The dollar has recently rebounded after a poor first half of the year, partly due to reduced pessimism surrounding the US growth outlook. Foley stated, "The dollar has recently received additional support from the view that market expectations for further easing by the Federal Reserve may be too high."Israeli government spokesperson: Any decisions regarding the trapped Hamas militants will be made in cooperation with the Trump administration.

Adani Will Become India's Second-largest Cement Producer With The $10.5 Billion Acquisition of Holcim

Haiden Holmes

May 16, 2022 09:55

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Adani Group announced on Sunday that it has bought a majority stake in Holcim (SIX:HOLN) AG's cement assets in India for $10.5 billion to become the second largest cement maker in India.


The conglomerate of Asia's richest man, Gautam Adani, purchased 63.19 percent of Ambuja Cements Ltd and its subsidiary ACC through tough competition with local competitors.


The divestment is Holcim's most recent effort to minimize its reliance on cement manufacture, a carbon-intensive industrial process that has alienated many eco-conscious investors.


In recent years, the Swiss company increased its efforts to abandon carbon-intensive cement production.


Ambuja and ACC have an annual cement production capacity of at least 70 million tonnes, second only to UltraTech Cement's 120 million tonnes.


The Adani family, through an offshore special purpose company, has entered into definitive agreements to acquire Holcim Ltd's full share in Ambuja and ACC, according to a statement from the Adani Group.


Holcim said in a press release that it had reached a binding deal for the Adani Group to acquire Holcim's business in India, including its share in Ambuja Cement, which owns a 50.5% ownership in ACC, and its 4.4% direct stake in ACC. Holcim would receive around $6,400,000,000 for the stakes.


The Adani Group announced that it would purchase additional shares via an open offer.


The deal is anticipated to finalize in the second part of 2022, according to Holcim.


Adani Enterprises Ltd, the flagship company of the Adani Group, includes two cement companies. Adani Cementation Ltd aims to construct an integrated factory in the western states of Gujarat and Maharashtra, according to an Adani group executive.


Ambuja Cement has 14 cement factories and employs 4,700 individuals. ACC employs 6,000 workers and operates 17 cement facilities and 78 ready mix concrete factories.


According to official sources, the most recent transaction was the largest divestiture since Holcim combined with its French rival Lafarge in 2015.


In an effort to concentrate on North America and Europe, the company has since sold off its ancillary business operations.


The company sold its Brazilian operations for $1.02 billion and quit the Philippine and Indonesian markets last year.

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