May 15, 2015 / 5:07 AM / 3 years ago

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

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

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. and Holcim Ltd, 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)

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