ZURICH Oct 8 Cement maker LafargeHolcim
agreed to sell its majority-held Chilean business, Cemento
Polpaico, to investment firm Inversiones Caburga Limitada.
Caburga, part of the Hurtado Vicuna Group, agreed to buy the
Swiss-French firm's 54.3 percent stake with a roughly 220
million Swiss franc ($225 million) enterprise value via a public
tender offer, LafargeHolcim said late on Friday.
It said the offer would be extended to all of Cemento
Polpaico's shareholders. It is subject to approval by Chile's
competition authorities, which LafargeHolcim said it expected to
be granted in the first half of 2017.
The divestment is part of a major scaleback, extended by the
group in August to target 5 billion Swiss francs of divestments
by the end of 2017.
With the deal's completion, LafargeHolcim said it would exit
($1 = 0.9768 Swiss francs)
(Reporting by Brenna Hughes Neghaiwi; editing by John