LafargeHolcim to sell India assets for 750 mln Swiss francs (updated)

Birla

17/08/2015 07:08

(Adds detail on conditional approval, background on 
Holcim-Lafarge merger and cost-saving plans) 
    PARIS, Aug 17 (Reuters) - Cement maker LafargeHolcim 
 LHN.VX  said it would sell two plants in eastern India to Birla 
Corporation  BRLC.NS  for about 750 million Swiss francs ($768 
million), as a condition of its recent merger. 
    Indian regulators still need to approve the sales. 
LafargeHolcim received conditional approval from the Competition 
Commission of India for its merger in April 2015. 
    The sale of assets, including the two cement plants operated 
by Lafarge India with a combined annual capacity of 5.15 million 
tons, was part of the agreement. 
    LafargeHolcim said the proceeds would be used to reduce 
debt. 
    LafargeHolcim is selling the plants as part of plans to 
complete the integration of Lafarge and Holcim by the end of 
next year, following their merger. 
    The new company aims to save 1.4 billion euros ($1.55 
billion) within three years as a result of the merger that 
formed the biggest cement producer in the world. 
 
($1 = 0.9769 Swiss francs) 
($1 = 0.9011 euros) 
 
 (Reporting by Leila Abboud; editing by Maria Sheahan and David 
Clarke) 
 ((leila.abboud@thomsonreuters.com; +33 1 49 49 51 82; Reuters 
Messaging: leila.abboud.thomsonreuters.com@reuters.net; Twitter: 
@labboudles)) 
 
Keywords: LAFARGEHOLCIM M&A/INDIA