French cement maker Lafarge will combine its South Africa business with publicly traded Nigerian unit Lafarge Wapco, listing its Africa interests together on the Lagos bourse, its country chief executive officer said on Tuesday, Reuters reports.
Guillaume Roux said the deal, worth $1.35 billion (806 million pounds), will see the Lafarge group get $200 million in cash and 1.4 billion new shares in Lafarge Wapco to effect the merger.
The new company, Lafarge Africa Plc, will have a market capitalisation of more than $3 billion and will be listed on the Nigerian Stock Exchange, Roux told a news conference. Lafarge group will own 73 percent of the combined entity.
By Chijioke Ohuocha
