December 12, 2012 / 5:56 AM / 5 years ago

Lafarge seeks buyers for S.Korean unit in $650 mln deal - report

SEOUL, Dec 12 (Reuters) - France’s Lafarge is seeking to sell its South Korean unit Lafarge Halla Cement Co for roughly 700 billion won ($650 million) and is currently searching for buyers, South Korean online media Edaily reported on Wednesday.

Lafarge is looking to sell its majority stake in Lafarge Halla Cement and has chosen U.S.-based Lazard and HSBC’s South Korean unit as managers for the sale, Edaily said.

Lafarge could not be contacted immediately for comment. A spokesman for Lafarge Halla Cement said the unit had no knowledge of possible sale plans by Lafarge which owns roughly 90 percent stake in the unit. HSBC’s South Korean investment banking unit and Lazard declined to comment.

Lafarge, the world’s largest cement maker, has been shedding non-core assets as it tries to cut its debt below 10 billion euros ($13.0 billion) from 12.2 billion euros. ($1 = 1076.7500 Korean won) ($1 = 0.7693 euros) (Reporting by Joyce Lee; Editing by Muralikumar Anantharaman)

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