LafargeHolcim, a Swiss multinational building materials company, terminated the deal to divest its activities in the Philippines to San Miguel, one of the Philippines’ leading diversified conglomerates for $2.15bn. The agreement to sell four cement plants and one grinding plant fell apart after the Philippines Competition Authority did not give approval in time. "Given today's new reality, we have decided to no longer sell our business in the Philippines. The Philippines is one of the most high-growth countries in the Asia-Pacific region and we intend to maintain our leadership position there," LafargeHolcim.