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.