Lafarge in Ashaka buy-out offer

Lafarge Africa has offered to buy out minority shareholders in Ashaka Cement Plc. The move follows the merger Lafarge Africa’s Nigerian and South Africa businesses, which received approval from shareholders in July.

Lafarge Africa said on Monday that as part of the merger deal it had acquired a stake in Ashaka Cement of more than 30 per cent, the trigger point for making a full takeover bid under Nigeria's securities and takeover rules.

Under the terms of the offer, shareholders who accept it will receive 57 Lafarge Africa shares for every 202 held in Ashaka Cement and an additional cash payment of NGN2/per share. The offer will run from 10 December to 16 January 2015, the company said.