The filing is procedural and contains no new financial data or changes to the known deal terms. The key catalyst remains the OPA launch and the independent valuation that will set the minimum tender price for minority CPAC shares. Monitor SMV announcements for the selection of the valuation entity and subsequent OPA terms.
Price Chart
Executive Summary
Cementos Pacasmayo filed a 6-K responding to a Peruvian regulator (SMV) information request regarding the Holcim acquisition and mandatory tender offer (OPA). The filing confirms no side agreements beyond the SPA, discloses that Holcim paid S/1,640,327,224.69 for 99.992136% of Inversiones ASPI (implying ~S/6.20 per ASPI share), and notes the OPA process is underway with an independent valuation entity to be selected. This is a procedural regulatory response with no new material financial or operational data.
Key Facts
- Holcim paid a total price of S/1,640,327,224.69 for 99.992136% of Inversiones ASPI S.A. (264,602,461 shares), implying ~S/6.1992 per ASPI share.
- No price per CPAC share was expressly agreed; the OPA minimum price will be determined by an independent valuation entity selected by the SMV.
- No additional side agreements, shareholder agreements, or side letters beyond the December 16, 2025 SPA were signed, per sworn declarations from both Holcim and CPAC.
- The due diligence for the transaction was led by Holcim with assistance from Estudio Muñiz, Freshfields US LLP (legal), and Deloitte & Touche S.R.L. (tax/financial); no valuation reports were produced from the due diligence.
- A separate PwC valuation of Inversiones ASPI was commissioned by Farragut Holdings Inc. for Peruvian tax purposes and was delivered confidentially to the SMV.
- The SPA contained customary interim operating covenants (Section 6.01) but imposed no direct obligations on CPAC; CPAC was not a party to the SPA.
- Holcim has requested the SMV to initiate the selection process for the valuation entity that will determine the minimum OPA price.
- The transaction closed on March 30, 2026, with Holcim acquiring a 50.01% indirect stake in CPAC.
Financial Impact
Holcim paid S/1,640,327,224.69 for 99.992136% of Inversiones ASPI, which holds 50.01% of CPAC. No per-share CPAC price was agreed; the OPA minimum price is pending independent valuation.
Risk Factors
- The OPA minimum price determined by the independent valuation could be below current market expectations, creating downside for minority shareholders.
- Holcim has stated its intention to delist the ADSs from the NYSE, which could reduce liquidity and force minority holders to tender at potentially unfavorable terms.
- Regulatory scrutiny from the SMV may delay the OPA process or result in additional information requests.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001213900-26-061281 |
| Document: ea0292266-6k_cementos.htm | 0001213900-26-061281 |
| Document: 0001213900-26-061281-index-headers.html | 0001213900-26-061281 |
| Document: 0001213900-26-061281-index.html | 0001213900-26-061281 |
| Document: 0001213900-26-061281.txt | 0001213900-26-061281 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | SC 14D-9 | $12.77 | awaiting T+1 | — | $12.77 (+0.00%) |
Oct 27, 2026 today | 6-K | $12.73 | awaiting T+1 | — | $12.77 (+0.31%) |
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 5d ago | 6-K | $12.77 $12.73 | ▲ +0.31% | ▼ −0.21% | $12.77 (−0.00%) |
Oct 22, 2026 5d 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 11d ago | 6-K | $12.68 $12.62 | ▼ −0.47% | ▼ −0.90% | $12.77 (+0.71%) |
Oct 16, 2026 11d ago | SC 13D/A | $12.68 $12.62 | ▼ −0.47% | ▼ −0.90% | $12.77 (+0.71%) |
US Market Status
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