ASEAN KEY DESTINATIONS
Aboitiz Equity plans to buy Lafarge's Philippine cement business
Aboitiz Equity Ventures Inc. said it plans to partner with Irish building supplies group CRH Plc to buy the Philippines cement business of France's Lafarge, seeking to diversify into infrastructure.
Aboitiz, a large Philippines' conglomerate with interests in power generation and banking, said the potential acquisition would involve four cement manufacturing plants on the main island of Luzon, a plant in Cebu province and limestone quarries.
Financial terms were not disclosed.
"Venturing into infrastructure meets our growth criteria," Aboitiz Equity CEO Erramon Aboitiz said in a statement.
"We are very optimistic of the potential gains this new core business will bring to the group amid the huge demand for infrastructure in the Philippines."
Lafarge and Switzerland's Holcim Ltd. are disposing of assets to win regulatory approval for their planned merger to create the world's biggest cement firm.
A deal would be subject to the completion of the merger and approval by the boards of both Aboitiz and CRH, the Philippine company said.
EU antitrust regulators last month cleared CRH's planned €6.5 billion ($7.4 billion) purchase of a number of mostly European assets from Lafarge and Holcim.
Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below