Geneva - Cement giant Holcim announced Monday it would acquire Cemex Australia for 1.77 billion Swiss francs (1.62 billion dollars).

The deal will also include a 25 percent stake in Cement Australia, in which Holcim already has a 50 per cent stake. The purchase would be financed entirely with equity, Holcim said.

In a statement the Swiss company said the "acquisition enables the group to move into the aggregates and concrete business in an attractive mature market."

Holcim also said it would participate, subject to the approval of Beijing authorities, in a planned non-public offering of Huaxin Cement in China.

Shareholders will be asked to approve a capital increase of 2 billion on July 8 at a general meeting.(dpa)