Lafarge, a French cement producer, plans to merge its operations in Nigeria and South Africa to create Lafarge Africa. It is reported that Lafarge Group will control 73% of the shares of Lafarge Africa and will remain listed on the Nigerian Stock Exchange. In addition, the new company has a total annual cement production capacity of about 12 million tons in South Africa and Nigeria, and will also operate aggregates, ready-mixed concrete and fly ash business. It is reported that the market value of the new company will exceed $3 billion.
"I am proud to contribute to the creation of Africa's leading building materials platform, which will bring growth to two of the largest economies on the continent," said Chief Olusegun Osunkeye, Chairman of WAPCO, Lafarge Nigeria. It also means that our shareholders will be open to a larger, more geographically diverse business investment that will greatly contribute to the economic growth of both our countries.
It is reported that Lafarge Group will transfer its direct and indirect shares in Lafarge Holdings Limited of South Africa, Associated Cement Limited of Nigeria, Ashakacem Limited and Atlas Cement Limited to Lafarge WAPCO of Nigeria. However, the transaction is still subject to the approval of the shareholders of Lafarge WAPCO and the necessary regulatory and other customary authorizations. The transaction is expected to close in the second half of 2014.
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