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ISS backs Holcim/Lafarge merger ahead of shareholder vote - source

Published 21/04/2015, 13:15
© Reuters. A man walks past the logos of Swiss cement maker Holcim in front of the company's headquarters in Zurich
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ZURICH (Reuters) - U.S. shareholder adviser ISS has recommended Holcim (VX:HOLN) investors back the Swiss cement maker's proposed merger with France's Lafarge (PA:LAFP) ahead of next month's vote on the deal, a source familiar with the recommendation told Reuters on Tuesday.

The recommendation comes before an extraordinary general meeting on May 8 where Holcim needs the backing of two-thirds of shareholders to approve a fundraising to pay for the merger with rival Lafarge.

ISS was not immediately available to comment on the recommendation.

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