LONDON--Anglo American PLC (AAL.LN) said Monday it would sell
its 50% interest in Lafarge Tarmac Holdings Ltd. to Lafarge SA
(LG.FR) for a minimum GBP885 million ($1.5 billion), subject to the
success of Lafarge's pending merger with Holcim Ltd. (HCMLY).
The U.K.-listed diversifed miner is offering to sell its Lafarge
Tarmac stake now because Lafarge intends to offer the entire joint
venture as part of its divestment proposal to the European
Commission, in order to secure regulatory approval for its merger
with Holcim.
Lafarge Tarmac was formed in Jannuary 2013 following the merger
of Anglo American and Lafarge's cement, aggregates, ready-mixed
concrete, asphalt and maintenance services and waste services
businesses in the U.K.
Lafarge and Holcim have announced that they expect the merger to
be completed in the first half of 2015. Anglo American and Lafarge
will work toward finalizing the terms of a definitive agreement on
Lafarge Tarmac in the third quarter of 2014.
Write to Alex MacDonald at alex.macdonald@wsj.com
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