Lafarge launches $3bn cash buyout
Lafarge has launched a tender for the 46.8 per cent stake it does not already own in Lafarge North America Inc. as part of a $3bn offer that expires on March 20, the world’s biggest cement maker said on Tuesday. France’s Lafarge announced earlier this month it would offer minority shareholders $75 in cash for each Lafarge North America share, in a move aimed at streamlining the group’s operations and enhancing its earnings. The offer is conditioned upon the ownership by Lafarge of at least 90 percent of the outstanding shares, it said in a statement.
Lafarge North America’s board of directors recently established a special committee to review Lafarge’s offer. Several analysts have said Lafarge might have to increase this offer if it wants to win minority shareholders’ approval. Lafarge North America shares have rallied 28 percent to $82.35 per cent since Lafarge’s announcement on Feb. 6. Published under Cement News
