17 Oct L.N. Mittal -to acquire Lafarge
Mittal Investments(the private investment vehicle of Lakshmi Mittal’s family ) agreed to acquire assets in the British construction materials industry from Anglo American and Lafarge for a total of ?285 million pounds (Rs 2,449 crore). With up to ?30 million (Rs 263 crore) of the agreed deal is contingent on performance of the assets over the next three years.
The aim behind the sale of these assets were the requirement of Anglo American and Lafarge’s plans to create a UK joint venture between various construction material businesses
This deal comes at a time when the British economy remains under pressure. While the country exited recession last month its outlook remains gloomy.The November Markit Purchasing Managers Index for the UK construction sector noted a “subdued trend” in output levels, reflecting a continued downturn in new business volumes.
The assets being acquired include a cement plant , 172 concrete plants, quarries and asphalt plans and the 50 per centstake in Midland Quarry Products owned by Anglo America’s subsidiary, Tarmac.