By Peter OBIORA InvestAdvocate

Lagos INVESTADVOCATE)- Newly merged world cement, aggregates and concrete firm, LafargeHolcim said on Friday it has acquired 50 percent stake in Lafarge Tarmac worth £992 million as part of divestment process, the company said in a statement.

“As part of the preliminary steps to implement the disposals required by the European Commission for its approval of the merger to create LafargeHolcim and as previously announced, the Group today completed the acquisition of the 50 percent share in Lafarge Tarmac held by Anglo American for GBP 992 million (incl. changes in working capital),” LafargeHolcim said..

The global cement, aggregates and concrete firm said the step is required to allow for the full divestment of Lafarge Tarmac, with the exception of the Cauldon and Cookstown plants and certain non-operational properties to CRH as part of the divestment of several assets in Europe, Canada, Brazil and the Philippines.

LafargeHolcim says the divestments of these assets are expected to be completed at the end of July, with the exception of the Philippines, which is expected to be
completed in the third quarter (Q3) of 2015.

“The divestment process is being carried out in the framework of the relevant social processes and the ongoing dialogue with the employee representatives’ bodies and has received all relevant regulatory and third party approvals,” LafargeHolcim added.