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Cement merger buzz lifts Ambuja and Orient shares as ACC underperforms
Ambuja and Orient Cement shares rose after merger approval, while ACC slipped as analysts cited synergy gains, neutral swap ratios and limited near-term change to investment outlook.
Shares of Ambuja Cements and Orient Cement traded higher on Wednesday after Ambuja’s board approved the amalgamation of ACC and Orient Cement into the parent company, while ACC stock lagged. Under the proposed scheme, Ambuja will issue fresh equity shares to shareholders of ACC and Orient Cement based on approved swap ratios, consolidating multiple subsidiaries into a single entity with a combined capacity of about 107 million tonnes per annum.