Sichuan Shuangma Cement Co Ltd said the Chinese unit of Lafarge SA has agreed to increase its offer to acquire 100 per cent of its parent, Shuangma Investment Group, to Yuan 339m from Yuan 304.84m (US$36m). The company told the Shenzhen Stock Exchange that it has signed the agreement with Mianyang municipal government, which has a 89.72 per cent stake in the parent company, and the group’s labor union which holds the rest.
The State-owned Assets Supervision and Administration Commission has approved the transaction but has yet to be endorsed by the China Securities Regulatory Commission and the Ministry of Commerce, the statement said. Shuangma Investment Group owns 66.5 per cent stake of Shenzhen-listed Sichuan Shuangma Cement.
