Her­a­cles.

Kathimerini English - - Focus -

stru­ments tied to Greece have fallen around 20 per­cent since the Athens stock mar­ket was closed in late June, herald­ing a po­ten­tially rough start when it fi­nally re­opens. Greece aims to re-open its stock mar­ket on Mon­day af­ter a five-week shut­down due to the coun­try’s debt and eco­nomic prob­lems. The bourse is still await­ing a Fi­nance Min­istry de­cree de­tail­ing new trad­ing rules. While traders cau­tioned that it was hard to pre­dict what the open­ing prices might be when the volatile Greek ex­change re­sumes busi­ness, they said shares would most likely be un­der pres­sure. “It will cer­tainly be a mar­ket un­der se­vere pres­sure when it re-opens, and the banks could bear the brunt of it,” said Tosca­fund an­a­lyst Takis Christodoulopou­los. This was based on the per­for­mance of the “GREK” ex­change traded fund (ETF) – com­prised of US mar­ket list­ings of Greek com­pa­nies – since the ac­tual Athens stock ex­change has been shut. The “GREK” edged up 1.6 per-

La­fargeHol­cim, the world’s big­gest ce­ment maker, yesterday of­fered to buy out the shares it does not own in Greek peer Her­a­cles. La­fargeHol­cim owns about 90 per­cent of Her­a­cles and un­der Greek law was re­quired to make a squeeze-out of­fer for the re­main­ing stake. The newly merged group will pay 1.23 eu­ros a share for the re­main­ing 11 per­cent stake in Her­a­cles or about 9.6 mil­lion eu­ros, ac­cord­ing to Reuters cal­cu­la­tions.

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