A Nigerian unit of France’s Lafarge said on Monday it had entered into an agreement with Flour Mills of Nigeria to purchase a 30% stake in United Cement Company of Nigeria.
The deal will give Lafarge’s Nigerian Cement Holdings complete control of the country’s third-largest cement manufacturer.
“Pursuant to the agreement, a first 15% tranche would be acquired in the first quarter of 2015, while the second 15% tranche is scheduled for acquisition by February 2016 at the latest,” Lafarge said in a statement.
