Lafarge Africa confirmed on Monday that it has entered into an agreement with Flour Mills of Nigeria to purchase a 30 percent stake in United Cement Company of Nigeria.
Reuters reports the deal will give Lafarge’s Nigerian Cement Holdings complete control of the country’s third-largest cement manufacturer.
The article also confirms the agreement will involve an initial 15 percent tranche to be acquired in the first quarter of 2015, while the second 15 percent tranche is scheduled to be acquired by February 2016 at the latest.
Flourmills shares was down 5% whilst Wapco was up 5% at the time of posting
