Anglo receives $1.6bn for Lafarge Tarmac stake
JOHANNESBURG (miningweekly.com) – Diversified miner Anglo American has received $1.6-billion, or £992-million, in cash for the sale of its 50% stake in Lafarge Tarmac to cement producer Lafarge.
The proceeds included the agreed minimum consideration of £885-million, as set out in a July 2014 binding agreement, in addition to about £107-million of working capital and other adjustments, subject to certain post-closing adjustments.
The completion of this transaction brought the aggregate proceeds received by Anglo American for the sale of its Tarmac assets to about $2.5-billion since 2008.
The merger of Lafarge, which owned the other 50% stake in Lafarge Tarmac, and Holcim was completed earlier this week to form LafargeHolcim. As part of regulatory conditions for the approval of the merger, the enlarged entity was required to dispose of certain of its assets.
LafargeHolcim on Friday said it had completed the acquisition of Anglo’s 50% stake in Lafarge Tarmac to enable it to divest of the subsidiary company, with the exception of the Cauldon and Cookstown plants and certain nonoperational properties.
This formed part of its divestment of several assets in Europe, Canada, Brazil and the Philippines.
Divestment of these assets was expected to be completed at the end of this month, with the exception of those in the Philippines, which would be sold by the third quarter of 2015.
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