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Questions:
1) How will the proposed merger affect shareholders of ACL and ACC? Why do you think Holcim is
interested in the merger?
2) Value HIPL. Was the cash payment of 35 billion for a 24 per cent stage in HIPL justified? How
does this cash payment affect the value of ACL’s stock? Is the swap ratio of ACL for 74 shares
justified? What swap ratio would you recommend?
3) How realizable were the proposed synergies? Could this deal have been structured in a different
way to realize the same synergies?
5) On a scale of 1 (very easy) to 10 (very difficult), how difficult did you find this case?