Philippines’ Aboitiz to spend $531m on cement venture

Aboitiz Equity Ventures Inc said it will invest $531 million in the cement business after formalising a deal with Irish cement maker CRH to buy the Philippine assets of Lafarge, reports Reuters.

The announcement on Wednesday came about two months after cement companies Holcim and Lafarge, which have agreed to merge, said CRH would buy some of their assets for $7.12 billion.

In May, Aboitiz said it was looking to partner with CRH to buy Lafarge’s assets in the Philippines as the local power-to-banking conglomerate sought to diversify into infrastructure.

“The agreement (with CRH) will be by way of an agreed investment in holding companies for the purpose of the acquisition of the various Philippine assets and businesses of Lafarge SA, including the cement production and other cement-related businesses and services,” Aboitiz told Manila’s stock exchange on Wednesday.

The transaction is expected to be completed within the second half of 2015, subject to conditions under the merger of Holcim and Lafarge and approval of the global sale of Lafarge assets, it said.

Source

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