Lafarge to acquire complete control of Unicem

Lafarge to acquire complete control of Unicem

Lafarge Nigerian Cement Holdings said on Monday it had entered into an agreement with Flour Mills of Nigeria to purchase a 30 per cent stake in United Cement Company of Nigeria Ltd (Unicem).

The deal will give Lafarge's Nigerian Cement Holdings complete control of the country's third-largest cement manufacturer, Reuters reported.

"Pursuant to the agreement, a first 15 per cent tranche would be acquired in the first quarter of 2015, while the second 15 per cent tranche is scheduled to be acquired by February 2016 at the latest," Lafarge said in a statement.