Europe / Middle East / Africa
Dangote Cement plans London listing-FT
Apr, 02 2012
(Nigeria/London) -- Africa's richest man Aliko Dangote plans to list his $11 billion cement business, Dangote Cement, on the London Stock Exchange next year, the Financial Times reported in Monday.
Dangote is cited by the FT as saying he intends to free-float a 20 percent stake in Dangote Cement to finance its rapid expansion.
"We want to list in London next year. By then the upside to our business will be much bigger than today," Dangote is quoted as saying.
Morgan Stanley and JPMorgan have been appointed as co-leads for the London share issue, according to the FT.
Dangote is cited as saying the company was on track to meet the corporate governance requirements for a premium listing, and that he would give up his current role as chairman.
French construction materials group Saint-Gobain is aiming for €4 billion of acquisitions between 2013 and 2018.
The group, which is primarily focusing on external growth outside of Europe, has carried out €1.3 billion of acquisitions since mid-2010, and in addition to refocusing its activity with the sale of glass division Verallia to Ardagh, the group hopes to generate €800 million of additional savings between 2014 and 2015.
Small and medium acquisitions are to be targeted, with a particular focus on the industrial and housing markets.
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