Member access

4-Traders Homepage  >  News  >  Business Leaders  >  All news

Business Leaders

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 
HomeAll newsMost read newsBusiness Leaders Biography 
Birthday : 06/19/1950
Place of birth : Rajasthan - India
Biography : Mr. Lakshmi N. Mittal is Chairman at Aperam SA, Independent Non-Executive Director at The Goldman Sa

Lafarge, Anglo American Sell Assets to Mittal for up to GBP285 Million

11/16/2012 | 03:36am US/Eastern

By Inti Landauro

PARIS--French cement maker Lafarge SA (>> LAFARGE) and partner Anglo American PLC (>> Anglo American plc) agreed to sell a portfolio of assets to Mittal Investment, a holding company belonging to Indian billionaire Lakshmi Mittal and his family, for as much as 285 million pounds ($451.6 million), a move that will clear the path for the merger of the two companies' units in the U.K.

Lafarge announced last year a project to merge its U.K. unit with Anglo American's construction materials unit Tarmac into a single maker of cement, aggregates, ready-mixed concrete, asphalt and maintenance services. U.K. anti-trust regulator ordered the two companies to sell a series of assets to let the deal go forward.

Lafarge and Anglo American agreed to sell a cement plant in Hope, U.K., with a capacity of 1.4 million metric tons, a network of 172 ready mix concrete plants, five quarries, two asphalt plants and other assets, the companies said Friday in a joint statement.

Mittal Investment will pay GBP272 million for the assets, including as much as GBP30 million related to the performance of the assets over the next three years. Mittal would pay an additional GBP13 million related to working capital of the divested assets not transferring with the business.

The completion of the joint venture between Anglo American and Lafarge is expected to be completed early 2013, the statement said.

Write to Inti Landauro at inti.landauro@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stocks mentioned in the article : LAFARGE, Anglo American plc
React to this article
Latest news about Lakshmi Mittal 
02/13DJLAKSHMI MITTAL : ArcelorMittal Expects Pressure From Iron Ore Prices
2014 LAKSHMI MITTAL : Nazarbayev, CEO ArcelorMittal discuss activities of company in Kazakhstan
2014 LAKSHMI MITTAL : Sudhir Maheshwari to leave ArcelorMittal
2014DJLAKSHMI MITTAL : ArcelorMittal's M&A, China, India Head Sudhir Maheshwari To Leave March 31
2014 LAKSHMI MITTAL : JSW Steel, ArcelorMittal in talks to acquire Italy's largest steelmaker Ilva steel plant
2014 LAKSHMI MITTAL : Ongc-mittal gives up oil block in nigeria
2014 LAKSHMI MITTAL : Steelmaker ArcelorMittal sees US, Europe improving
2014 LAKSHMI MITTAL : Possible end to China ban welcomed
2014 LAKSHMI MITTAL : Mittal launches steel venture in growing Chinese auto market
2014 LAKSHMI MITTAL : ArcelorMittal taps into China's booming market for growth
2014DJLAKSHMI MITTAL : ArcelorMittal Loss Narrows -- 4th Update
2014 LAKSHMI MITTAL : ArcelorMittal sees 2014 profit rise as Europe finally grows
2013 LAKSHMI MITTAL : ArcelorMittal says U.S. buy won't impact $15 billion debt target
2013DJLAKSHMI MITTAL : ArcelorMittal Faces Potentially Expensive Probe in France -- Report
2013DJLAKSHMI MITTAL : ArcelorMittal Lowers Earnings Guidance on Weaker Steel Demand View
1  2  3  4  5  6  7  8  9  10Next

Advertisement
Most Read News 
04/16 RICHARD BRANSON : South Africa's Brait to pay $1 billion for control of Branson co-owned Virgin Active
04/14 DAVID HENRY : JPMorgan says banks may be making 'bad loans' as LBOs boom
04/15DJJULIAN ROBERTS : Old Mutual Names Bruce Hemphill CEO to Replace Julian Roberts in Fourth Quarter
04/14 JOHN BROWN : Riverstone confirms resignation of ex-BP boss Browne
04/14 PETER HARGREAVES : Hargreaves Lansdown co-founder steps down from board, shares fall
04/15 NATHANIEL ROTHSCHILD : Indonesian group takes on Nat Rothschild with proposed bid for ARMS
04/15DJRICHARD KINDER : Kinder Morgan Posts Higher Profit, Raises Dividend
More news

Popular Business Leaders 
Sheldon Adelson Paul Allen Mukesh Ambani Bernard Arnault Conrad Black Vincent Bolloré Martin Bouygues Richard Branson Warren Buffett Benjamin De Rothschild Paul Desmarais Albert Frère Bill Gates Philip Green Carl Icahn Steve Jobs Li Ka-shing Arnaud Lagardère Peter Lynch Lakshmi Mittal Rupert Murdoch Nelson Peltz François-henri Pinault Zong Qinghou Patrick Ricard Jim Rogers Naguib Sawiris Carlos Slim George Soros Donald Trump
A-Z Business Leaders
Dynamic quotes  
ON
| OFF