Lafarge Nigeria unit to take complete control of United Cement

 

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 percent 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.

Lafarge said in a statement that pursuant to the agreement, a first 15 percent tranche would be acquired in the first quarter of 2015, while the second 15 percent tranche is scheduled to be acquired by February 2016.