Elementia SA, the Mexican cement maker backed by Carlos Slim and Antonio del Valle, is in talks to buy out partner Lafarge SA in their Mexican joint venture, Bloomberg reported Monday citing people with knowledge of the matter.

Elementia reportedly has the right to buy Lafarge's 47 per cent stake under an option in the original terms of the Mexico partnership. Lafarge's move to sell the stake is said to be in line with its proposed merger with Holcim which also has operations in Mexico. It should be noted that, LafargeHolcim did not include the Mexican joint venture in the list of potential disposals published last week.

Elementia, which is reportedly working with Citigroup Inc for a potential initial public offering, may explore other options, the report said. Elementia may opt to invest in its existing business or make a different acquisition as it already has majority and management control of the venture.