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| Lafarge shareholders approve Orascom Cement deal The Combined Shareholders' Meeting of Lafarge, convened in the context of Lafarge's acquisition of Orascom Cement, was held in Paris on January 18 2008, chaired by Bruno Lafont, Chairman and Chief Executive Officer of Lafarge. At the Meeting, Lafarge shareholders voted by a 99% majority in favour of a capital increase of 22.5 million shares reserved for the founding shareholders of Orascom Construction Industries, at a subscription price of 125 euros per share, which represents a 16% premium compared to the last share price preceding the announcement of the operation on December 10. This capital increase will provide 2.8 billion euros of financing for the Orascom Cement acquisition, the remaining 6 billion euros being financed by debt. The acquisition of Orascom Cement should be finalized at the end of the first quarter of 2008. Shareholders also approved the appointment to Lafarge's Board of Directors of Paul Desmarais Jr and Thierry de Rudder, representatives of Groupe Bruxelles Lambert, and of Nassef Sawiris, a representative of the founding shareholders of Orascom Construction Industries. write your comments about the article :: © 2008 Construction News :: home page |