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France's Lafarge to buy out 45 pct of Chinese subsidiary

Xinhua, March 3, 2015 Adjust font size:

French leading building material company, Lafarge, signed an accord to buy a 45 percent stake in its Chinese subsidiary Lafarge Shui On Cement held by SOCAM Development Limited, the company said on Tuesday.

Under the agreement, the French group, already owner of 55 percent stake of Lafarge Shui On Cement, offered 294 million euros (328 million U.S. dollars) to have its full stake.

The production capacity of Lafarge Shui On Cement stands at 32 million tonnes in Southwest China, in the provinces of Yunnan, Sichuan, Guizhou and Chongqing Municipality, according to Lafarge.

In a statement, the French company added the deal is subject to the successful completion of the merger with Swiss company, Holcim, and to shareholders' approval of the Hong Kong-based investment holding company.

Lafarge employs 63,000 workers in 61 countries. It posted sales at 12.8 billion euros in 2014, according to the firm's data. ( 1 euro = 1.12 U.S. dollars) Enditem