Lafarge Cements Middle East Expansion |
| Forbes - Dec 10, 2007 |
The oil wealth of the Middle East may be making its way into Europe and the United States, but the West knows how to return the favor: French cement-maker Lafarge is tapping the high-growth Persian Gulf market with a $13 billion offer for Orascom Construction Industries' cement business.
Lafarge's 8.8 billion euro ($12.9 billion) bid is made up of 6.0 billion euros ($8.8 billion) in debt and 2.8 billion euros' ($4.1 billion) worth of shares. The equity stake will go directly to the chief executive of Egypt's Orascom Construction Industries, Nassef Sawiris, who will become an 11.4% shareholder in Lafarge. The Egyptian billionaire is paying 125 euros ($183.56) per Lafarge share, or a premium of 16.1% relative to Friday's closing price of 107.62 euros ($158.04).
Read Full Article from Forbes
- Posted: 2007-12-10 09:46:09
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