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Anglo American PLC And Lafarge SA Announces Sale Of Portfolio Of Tarmac And Lafarge Construction Materials Operations In UK To Mittal Investments


Friday, 16 Nov 2012 02:00am EST 

Anglo American PLC and Lafarge SA announced that they have agreed to sell a portfolio of Tarmac and Lafarge construction materials operations in the UK and Tarmac's 50% ownership interest in Midland Quarry Products Limited (MQP) to Mittal Investments, the private investment vehicle of the Lakshmi N. Mittal family. The consideration paid by Mittal Investments for the assets is GBP272 million including up to GBP30 million contingent on the performance of the underlying assets over the next three years. In addition, an estimated amount of GBP13 million, which relates to working capital of the divested assets not transferring with the business, will be released as funding to the 50:50 joint venture between Lafarge and Tarmac. The divestments, which are conditional upon regulatory approval, comprise a cement plant in Hope, Derbyshire, with a capacity of 1.4 million tonnes, and related depots; a network of 172 ready mix concrete plants; five aggregates quarries, two asphalt plants, one marine aggregates wharf and one rail-linked aggregates depot and the sale of Tarmac 50% ownership interest in MQP, which is also subject to regulatory approval and a right of pre-emption in favour of Hanson Quarry Products Europe Limited. Completion of the JV is expected in early 2013. 

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