Holcim changes the guard

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Swiss billionaire Thomas Schmidheiny will surrender control of Holcim Ltd, a company run by his family for 89 years, in an effort to rebuild investor confidence after an insider trading case and a decline in profit, according to Bloomberg News. Holcim is creating a single class of stock, cutting Schmidheiny's 54% voting stake in half, said a spokesperson. Schmidheiny, who has amassed a $1.9 billion fortune, controls Holcim with 27% of the stock.

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