UPDATE 3-Lafarge, Holcim list asset sales in quest for merger approval

Mon Jul 7, 2014 6:17am EDT
 
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* Two largest cement makers seeking approval for tie-up

* France, Germany, Britain, eastern Europe to see selloffs

* Asset sales to affect over 10,000 workers in total

* Deal still on track for first half 2015 completion (Adds detail on workers affected, capacity, Lafarge Tarmac)

By Gilles Guillaume

PARIS, July 7 (Reuters) - Cement makers Lafarge SA and Holcim Ltd proposed a multi-billion euro series of asset sales on Monday as they seek regulatory approval for their merger to create the world's biggest cement maker.

The two companies need to shed assets generating about 5 billion euros ($6.8 billion) in annual revenue to help persuade competition watchdogs to back the proposed deal, unveiled in April and which would create a combined group with $44 billion in yearly sales.

The companies said they would seek buyers for operations in Austria, Hungary, Romania, Serbia, Britain, Canada, the Philippines, Mauritius and Brazil, a series of sell-offs that would affect some 10,000 workers out of their global total of 130,000 and account for around 3.5 billion euros of sales.

Competition regulators in some 15 countries, as well as the European Commission, are expected to take a hard look at the deal, which brings together the world's top two cement makers with a combined stock market value of more than $55 billion.   Continued...