The board of Spain’s Cementos Portland Valderrivas has formally approved the sale of a 55 per cent stake in its US unit Giant Cement Holding to Mexico’s Elementia, owned by Carlos Slim, who owns a 35.6 per cent holding in the Mexican company via his Grupo Carso.

The deal includes a US$220 capital increase in Giant with subscription rights granted to Elementia, who will extend a loan of US$305m to the US unit.

Giant’s parent company, FCC, has also given the go-ahead. Slim’s holding company Inversora Carso has a 61 per cent stake in FCC.

The agreement also includes US$66m in loans to be transferred to Giant by Giant Cementos Portland, which will keep the remaining 45 per cent stake in Elementia.