Lafarge shareholders approved the nomination of representatives from its two largest shareholders to the French company’s board of directors.
Shareholders approved board seats for Groupe Bruxelles Lambert executives Paul Desmarais Jr. and Thierry de Rudder to represent the Belgian holding company, which owns 17 per cent of Lafarge, and Nassef Sawiris, chief executive of Egyptian cement maker Orascom Cement.
In December Lafarge agreed to buy Orascom for EUR8.8bn in cash and new stock reserved to Sawiris. Sawiris will be Lafarge’s second largest shareholder after the operation with an 11.4 per cent stake.
Shareholders will be asked to approve an additional board representative from each group at the next general assembly in May.
Lafarge shareholders also gave their approval for the 2.8-bln-eur capital increase reserved to Sawiris that is expected to be concluded by March.