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Lafarge buys Orascom for $12.9bn
- Egypt: Monday, December 10 - 2007 at 15:41
French cement maker Lafarge is to buy Egypt's Orascom Cement for $12.9bn, reported Reuters. Orascom Cement is a unit of Orascom Construction Industries and its CEO Nassef Sawiris will receive an 11.4% stake in Lafarge as part of the deal. Lafarge will borrow $8.8bn to finance the deal which should be tied up in Q1 next year; Lafarge has said it might make further acquisitions in emerging markets.
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Jonathan Sheikh-Miller, Deputy EditorMonday, December 10 - 2007 at 15:41 UAE local time (GMT+4)
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