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Philippines' Aboitiz Equity plans to buy Lafarge's local cement business

Reuters - UK Focus

MANILA, May 15 (Reuters) - Philippine conglomerate Aboitiz Equity Ventures Inc said on Friday it had signed an agreement for a possible acquisition of Lafarge (Paris: FR0000120537 - news) 's local cement operations in partnership with Irish building supplies group CRH Plc (NYSE: CRH - news) .

Aboitiz, which has investments in power generation and banking, said it was in exclusive talks with CRH to acquire four cement manufacturing plants on the main Luzon island and a plant in central Cebu province as well as associated limestone quarries.

A conclusion of the deal will be subject to completion of the merger between Lafarge S.A (Xetra: 850646 - news) . and Holcim Ltd (Other OTC: HCMLF - news) , and approval by the boards of both Aboitiz and CRH, the Philippine company told Manila's stock exchange. (Reporting by Erik dela Cruz; Editing by Muralikumar Anantharaman)