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Tue May 28 2024

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Mittal buys Lafarge/Tarmac assets

16 Nov 12 Indian steel magnate Lakshmi Mittal is getting into the cement and concrete business through the £285m acquisition of Anglo American and Lafarge assets.

Lakshi Mittal
Lakshi Mittal

The deal includes five quarries, a cement plant, 172 readymix concrete plants and Tarmac's 50% stake in Midland Quarry Products Limited (MQP). It also includes two asphalt plants, one marine aggregates wharf and one rail-linked aggregates depot.

UK competition authorities required Anglo American and Lafarge to sell assets before their proposed UK materials joint venture could go ahead.

Mittal Investments, the private investment vehicle of the Lakshmi N. Mittal family, is paying £272m including up to £30m contingent on the performance of the underlying assets over the next three years. In addition, an estimated £13m, which relates to working capital of the divested assets not transferring with the business, will be released as funding to the 50:50 joint venture between Lafarge and Tarmac.

Completion of the Lafarge/Anglo American JV is expected in early 2013.

Lakshmi Mittal, known as the ‘king of steel’, is chairman, CEO and  41% owner of ArcelorMittal, the world’s biggest steel company.

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