UK: Anglo American has announced that it plans to sell its equity in its joint venture project with Lafarge UK. Anglo American plans to use the proceeds of the sale to pay off debt.
Once it owns the entire firm, Lafarge plans to sell it to help it gain approval from competition regulators for its merger with Holcim. Lafarge and Holcim need to shed around Euro5bn in assets to persuade regulators to back the merger. Lafarge and Holcim's merger is expected to be completed in the first half of 2015.
"The sale will be subject to a number of conditions, including the completion of the Lafarge / Holcim merger, the divestment of Lafarge Tarmac being accepted as a suitable remedy, and approval of this sale transaction by the necessary regulators," said Anglo American.
