Britain Demands Asset Sales To OK Anglo American plc-Lafarge S.A.'s JV-Reuters


Tuesday, 1 May 2012 03:18am EDT 

Reuters reported that Britain has demanded miner Anglo American plc and cement maker Lafarge S.A. sell 'a significant portfolio' of assets to approve a planned tie-up of their building materials businesses, in a move regulators hope will allow a new player into the market. Britain's Competition Commission had ruled in February that the joint venture (JV), agreed last year, could damage competition in certain markets for construction materials, prompting many analysts to expect forced disposals. Both companies welcomed the decision as a conditional approval of their plan and said on Tuesday they were 'confident' the conditions would be met. The Competition Commission began looking into the proposed venture, which would have rung up annual sales worth GBP1.8 billion ($2.9 billion) in 2010, after the proposed tie-up was challenged by the Office of Fair Trading in September. 

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