City A.M. Reporter
r Anglo American and cement maker Lafarge said this morning they would sell their UK construction operations to Mittal Investments for £285m.
The divestments include a number of cement operations in the UK, plus the sale of Anglo American unit Tarmac’s 50 per cent ownership interest in Midland Quarry Products Limited.
The sale includes up to £30m paid on the performance of the assets over the next three years.
The sale, to Indian steel tycoon Lakshmi Mittal, was a condition set by the Competition Commission to allow the two companies to combine their building materials activities in the country.