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Lafarge set to buy full stake in China unit
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LEADING French building material company, Lafarge, has signed an agreement to buy a 45 percent stake in its Chinese subsidiary Lafarge Shui On Cement held by SOCAM Development Ltd, the company said yesterday.
Under the agreement, the French group, already owner of 55 percent stake of Lafarge Shui On Cement, offered 294 million euros (US$328 million) to buy the full stake.
The production capacity of Lafarge Shui On Cement stands at 32 million tons in the provinces of Yunnan, Sichuan and Guizhou and Chongqing City.
In a statement, the French company said the deal was subject to the successful completion of the merger with Swiss company, Holcim, and to the shareholders’ approval of the Hong Kong-based investment holding company.
Lafarge posted sales at 12.8 billion euros in 2014.
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