17th Jul 2015 08:53
LONDON (Alliance News) - Anglo American PLC Friday said it has completed the sale of its 50% stake in Lafarge Tarmac Holdings Ltd to Lafarge SA.
The deal was originally struck in July 2014 for the FTSE 100-listed miner to sell its stake to Lafarge SA for no less than USD885 million in cash. Lafarge SA already owned the other 50% of the company.
On Friday, Anglo American said the deal has been completed with the company recieving GBP1.60 billion, or GBP992 million in cash proceeds, nearly twice the minimum consideration that was agreed.
Lafarge Tarmac is a building materials group serving the UK market with over 330 sites in the UK and over 6,600 employees.
Anglo American shares were down 0.7% to 884.0 pence per share on Friday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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