Varunastra
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Cement maker Lafarge and mining company Anglo American agreed to sell UK assets for up to £285m, clearing the way for their building materials joint venture.
The sale, to Indian steel tycoon Lakshmi Mittal, was a condition set by Britain's Competition Commission to allow the two companies to combine their building materials activities in the country.
Lafarge and Anglo American said they would sell a number of construction materials operations in Britain as well as Anglo American unit Tarmac's 50pc ownership interest in Midland Quarry Products, one of the UK's main suppliers of hard rock and asphalts.
The price for the assets, which include one of the UK's largest cement plants, includes up to £30m sterling contingent on future performance.
A Lafarge spokeswoman said the company would receive around 160m (£128m) from the sale of its British assets, which it would use to further cut its debt.
She added that with this transaction, Lafarge had now raised nearly 650m in asset sales since the beginning of the year against a target of at least 1 billion euros this year.
Lafarge and Anglo American sell UK assets to Mittal - Telegraph
The sale, to Indian steel tycoon Lakshmi Mittal, was a condition set by Britain's Competition Commission to allow the two companies to combine their building materials activities in the country.
Lafarge and Anglo American said they would sell a number of construction materials operations in Britain as well as Anglo American unit Tarmac's 50pc ownership interest in Midland Quarry Products, one of the UK's main suppliers of hard rock and asphalts.
The price for the assets, which include one of the UK's largest cement plants, includes up to £30m sterling contingent on future performance.
A Lafarge spokeswoman said the company would receive around 160m (£128m) from the sale of its British assets, which it would use to further cut its debt.
She added that with this transaction, Lafarge had now raised nearly 650m in asset sales since the beginning of the year against a target of at least 1 billion euros this year.
Lafarge and Anglo American sell UK assets to Mittal - Telegraph
