I just learnt the minority shareholders of Lafarge Wapco has just approved the company’s proposal to acquire Lafarge South Africa as well as merge Ashaka Cement and Lafarge Wapco ‘ s subsidiaries in Nigeria.
There were concerns last week when a dissenting shareholder raised concern over the value placed on Lafarge South Africa and the anticipated synergies the merger will provide. They wanted to be sure Lafarge Wapco was actually paying the right amount for Lafarge SA and not just buying under duress.
It appears the company obtained about 77% for the SA transaction and between 85%-95% for the other aspects of the deal.
The merger and acquisition when concluded will transform to one of the biggest cement company in Africa and will be listed in Nigeria as Lafarge Africa.
The company will now await SEC Approval to finalise the deal.