Lafarge to start Tarmac asset sales by end-June

Anglo American and cement maker Lafarge are likely to begin selling a series of assets as required by UK regulators by the end of the month in order to proceed with a proposed joint venture, Lafarge's chief executive said on Tuesday.

The UK’s Competition Commission said last month that the companies had to sell "an extensive package of operations" including one of the country’s largest cement plants, for the planned joint venture to win approval.

Reuters quoted Lafarge CEO Bruno Lafont as saying: "It's a process that should start at the end of the month of June when we have completed the process of authorisation and consultation with the antitrust authorities.”

Both companies said in May that they were confident the conditions for the joint venture would be met, prompting speculation that they might have buyers for the assets lined up. (Source: Reuters)