Lafarge looking to sell South Korean unit

Lafarge is seeking to sell its majority stake in South Korean unit Lafarge Halla Cement for KRW700bn (US$650m) and is currently searching for buyers, according to a report by Reuters citing South Korean online media Edaily.

The company is said to have chosen US-based Lazard and HSBC’s South Korean unit as managers for the sale.

Lafarge operates one integrated cement works and two grinding plants in South Korea with a combined cement capacity of 9.6Mta. In 2011, it had an approximate market share of 13 per cent, according to company estimates.