ECONOMY

Lafarge submits offer for remaining stake in Greece’s Heracles

Lafarge submits offer for remaining stake in Greece’s Heracles

LafargeHolcim, the world's biggest cement maker, on Friday offered to buy out the shares it does not own in Greek peer Heracles.

LafargeHolcim owns about 90 percent of Heracles and under Greek law was required to make a squeeze-out offer for the remaining stake.

The newly merged group will pay 1.23 euros a share for the remaining 11 percent stake in Heracles or about 9.6 million euros, according to Reuters calculations.

Heracles is Greece's biggest cement maker and competes with Titan.

European Union antitrust regulators scrapped on Friday a seven-year long cartel investigation into French cement maker Lafarge, Mexico's Cemex , HeidelbergCement and five others after failing to find evidence of a cartel.

[Reuters]

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