London: Global miner Anglo American Plc said it would sell its 50 percent stake in Lafarge Tarmac to Lafarge for a minimum consideration of €885m in cash, on a debt and cash free basis.
Lafarge Tarmac was formed as a 50:50 joint venture between Lafarge UK and Anglo American’s Tarmac business. The miner said it expects to use the proceeds to pay down debt.
Anglo American said the sale would be subject to a number of conditions including the completion of the Lafarge-Holcim merger.
Lafarge and Holcim need to shed around €5bn in assets to help persuade competition regulators to back the proposed merger that was unveiled in April and would create the world’s biggest cement maker with $44bn in annual sales.
Reuters
