LONDON (Standard&Poor's) Jan. 30, 2006--Standard&Poor's Ratings Services said today that its ratings and outlook on Switzerland-based cement and heavy building materials manufacturer Holcim Ltd. (BBB+/Stable/A-2) are unaffected by the group's announcement that it is to acquire a stake in India-based Gujarat Ambuja Cements Ltd. (GACL), with which it currently has a strategic alliance. Although Holcim has agreed to purchase 14.8% of GACL, the final size and cost of its stake will depend on the outcome of a public offer to purchase at least another 20% of GACL, which is mandatory under the Indian takeover code. Nevertheless, the group's plan to use equity to fund the transaction means that--if the equity issue is successful--the expected improvement in
