The filing confirms previously disclosed deal economics with no new surprises. The key overhang remains Holcim's stated intention to delist the ADSs from the NYSE and the mandatory tender offer price determination. Monitor for the tender offer launch and any minority shareholder litigation in Peru.
Price Chart
Executive Summary
Cementos Pacasmayo filed a 6-K responding to a Peruvian regulator (SMV) inquiry about the Holcim acquisition price adjustments. Holcim confirmed the final purchase price for the 50.01% stake was S/1,640,327,224 after S/210,042,776 in deductions (S/169,709,810 debt payoff + S/40,332,966 excess transaction expenses) from the headline S/1,850,370,000 purchase price. The filing provides transparency on the locked-box pricing mechanism but does not change the deal economics or the pending mandatory tender offer and NYSE delisting overhang.
Key Facts
- Holcim confirmed the final purchase price for 50.01% of CPAC was S/1,640,327,224, down from the headline S/1,850,370,000.
- Deductions of S/210,042,776 comprised S/169,709,810 in debt payoff (Banco de Crédito del Perú loan) and S/40,332,966 in excess transaction expenses.
- The transaction used a 'locked box' pricing mechanism with a locked date of July 31, 2025.
- Holcim reiterated its commitment to conducting a fair and transparent tender offer for CPAC shares.
- The filing responds to an SMV inquiry triggered by minority shareholders José Luis Cueto Jiras and Xavier de Romaña Benson.
Financial Impact
The S/210M price adjustment is ~11.3% of the headline purchase price but was already disclosed in the May 22, 2026 material event. No new financial impact.
Risk Factors
- Delisting risk from NYSE as Holcim has stated its intention to delist ADSs.
- Minority shareholder activism in Peru could pressure tender offer pricing or create regulatory delays.
- The S/210M price adjustment disclosure may fuel further minority shareholder scrutiny of the deal terms.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001213900-26-093506 |
| Document: 0001213900-26-093506-index-headers.html | 0001213900-26-093506 |
| Document: 0001213900-26-093506-index.html | 0001213900-26-093506 |
| Document: 0001213900-26-093506.txt | 0001213900-26-093506 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | 6-K | $12.78 | awaiting T+1 | — | $12.77 (−0.08%) |
Oct 23, 2026 3d ago | 6-K | $12.73 | awaiting T+1 | — | $12.77 (+0.31%) |
Oct 22, 2026 4d ago | 6-K | $12.77 $12.73 | ▲ +0.31% | ▼ −0.21% | $12.77 (−0.00%) |
Oct 22, 2026 4d ago | 6-K | $12.77 $12.73 | ▼ −0.31% | ▲ +0.21% | $12.77 (+0.00%) |
Oct 21, 2026 5d ago | SC 13D/A | $12.77 $12.73 | ▼ −0.31% | ▲ +0.21% | $12.77 (+0.00%) |
Oct 21, 2026 5d ago | SC TO-T | $12.77 $12.73 | ▼ −0.31% | ▲ +0.21% | $12.77 (+0.00%) |
Oct 16, 2026 10d ago | 6-K | $12.68 $12.62 | ▼ −0.47% | ▼ −0.90% | $12.77 (+0.71%) |
Oct 16, 2026 10d ago | SC 13D/A | $12.68 $12.62 | ▼ −0.47% | ▼ −0.90% | $12.77 (+0.71%) |
Oct 15, 2026 11d ago | 6-K | $12.67 $12.68 | ▲ +0.08% | ▲ +1.19% | $12.77 (+0.79%) |
Oct 15, 2026 11d ago | 6-K | $12.67 $12.68 | ▲ +0.08% | ▲ +1.19% | $12.77 (+0.79%) |
US Market Status
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