Anglo American has received cash proceeds of approximately £992m, which is the agreed minimum consideration of £885m set out in the July 2014 binding agreement and approximately £107m of working capital and other adjustments, subject to certain post-closing adjustments.
The sale paves the way for newly formed Lafarge Tarmac to be sold to CRH to meet competition concerns relating to the global merger of Lafarge and Holcim, which completed on 12th July, creating LafargeHolcim.
CRH agreed in February 2015 to pay £5bn for a host of assets around the world that Lafarge and Holcim are required by competition authorities to sell. Lafarge Tarmac represents the UK disposals.
Lafarge Tarmac was only created in 2012 when Anglo American and Lafarge pooled their UK interests.
However, it is not clear whether CRH will keep Lafarge Tarmac or quickly sell some or all of it on again for competition reasons. It is reported to have been in talks with private equity investors earlier this year to prepare a deal.
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