Lafarge Nigeria unit to take complete control of United Cement

Bya897204973

Updated Tue, 11 Nov 2014 16:47:57 GMT

LAGOS (Reuters) - A Nigerian unit of France's Lafarge said on Monday it had entered into an agreement with Flour Mills of Nigeria to purchase a 30 percent stake in United Cement Company of Nigeria.

The deal will give Lafarge's Nigerian Cement Holdings complete control of the country's third-largest cement manufacturer.

"Pursuant to the agreement, a first 15 percent tranche would be acquired in the first quarter of 2015, while the second 15 percent tranche is scheduled to be acquired by February 2016 at the latest," Lafarge said in a statement.