By Adria CalatayudHolcim shares jumped after the Swiss building-materials supplier unveiled plans to spin off its North America business, which could be valued at more than $30 billion. At 0831 GMT on Monday, Holcim shares traded 5.7% higher to CHF67.92, taking the stock's gain over the last three months to more than 22%. The company confirmed its plan to separate and take its North America unit public in the first half of 2025 after The Wall Street Journal reported the move. Holcim also named its European head, Miljan Gutovic, as chief executive, to succeed Jan Jenisch, effective May 1. News of the separation of Holcim's North American assets--which account for about 40% of the group's profit--came as a surprise, but the move seems smart, Berenberg analyst Harry Goad wrote in a note to clients.

Source: Wall Street Journal January 29, 2024 08:50 UTC