Slim’s Elementia Said in Talks to Buy Out Lafarge in Mexico

07/15/14 Bloomberg

modern glass silhouettes of skyscrapers at nightElementia SA, the Mexican cement maker backed by billionaires Carlos Slim and Antonio del Valle, is in talks to buy out partner Lafarge (LG) SA in their joint venture, people with knowledge of the matter said.

Elementia has the right to buy Lafarge’s 47 percent stake under an option described in the original terms of the Mexico partnership, said two of the people, who asked not to be identified discussing private negotiations. Lafarge wants to avoid competing with itself in Mexico after agreeing in April to a $40 billion merger with Holcim Ltd., which already operates in the Latin American nation, two people said.

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Slim Firm, Lafarge Plan Mexico Tie-Up

Wall Street Journal, 1/8/2013

Geothermal plant in Mexico

Mexican building-materials company Elementia, part-owned by billionaire Carlos Slim, said Tuesday it is planning a joint venture with the world’s largest cement company, Lafarge SA LG.FR -0.15% of France, to produce cement in Mexico. The alliance will have three plants with annual production capacity of close to two million tons of cement as Elementia’s cement division—Cementos Fortaleza—and Lafarge pool their production facilities in Mexico. Elementia said in a release that it will own 53% of the planned joint venture, and Lafarge will own 47%.

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