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Lafarge buys Orascom Cement
- Egypt: Tuesday, December 11 - 2007 at 07:27
France based company Lafarge is buying Egypt's Orascom Cement for 8.8bn euros, reported Euro News. Lafarge, which is one of the world's largest cement makers, will finance the acquisition through 6bn euros of debt and will also raise 2.8bn euros from new shares. Nassef Sawiris, a shareholder in Orascom Cement's parent company, Orascom Construction Industries will take an 11.4 per cent stake in Lafarge, including the new shares, and will get a seat on its board. Belgian company Groupe Bruxelles Lambert will also join Lafarge's board of directors.
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Amena Bakr, Senior ReporterTuesday, December 11 - 2007 at 07:27 UAE local time (GMT+4)
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