Holcim's Peruvian subsidiary Inversiones ASPI launched tender offers on 21 October 2026 for the 49.99% of Cementos Pacasmayo it does not already own, at S/8.93 per share in cash.
Why Holcim Ltd (via Inversiones ASPI S.A.) is buying Cementos Pacasmayo S.A.A. (49.99% held by minority shareholders)
The offers are required under Peruvian tender offer rules after Holcim indirectly acquired 50.01% of Pacasmayo, and Holcim decided in June 2026 to bid for all outstanding shares rather than the minimum additional 24.99%.
Deal terms and financing
The price, set using an independent valuation report delivered on 14 October 2026, compares with a closing price of S/8.45 on 20 October. Payment is in US dollars at the SBS exchange rate. If all remaining shares are tendered, the offers would cost about US$550.1m; Holcim has guaranteed payment as required by Peruvian rules.
Regulatory approvals and timing
Peru's securities regulator SMV allowed ASPI to act as offeror. The US offer is a going-private transaction and expires on 20 November 2026 unless extended; Holcim intends to delist the ADSs from the NYSE and terminate SEC registration afterwards.
Market context
Holcim agreed on 15 December 2025 to buy 99.99% of ASPI, which holds control of Pacasmayo, from Eduardo Hochschild and related sellers for S/1.85bn in cash, and completed the purchase on 30 March 2026 after unconditional clearance from Peru's competition authority Indecopi.
