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[June 2001]
Lafarge/Blue Circle Approval by the FTC
Lafarge announced on 18 June 2001 that the Federal Trade Commission (FTC) of the USA had cleared the acquisition by Lafarge of Blue Circle Industries PLC.
This acquisition was already cleared by the European Commission on 1 March 2001 and, subject to a divestment undertaking, by the Canadian Competition Bureau on 11 April 2001.
In North America, the divestment undertakings required by the Canadian Competition Bureau and by the FTC include in the Great Lakes area two cement plants (Bowmanville and St Marys), a grinding station, several cement shore terminals and various concrete, aggregates and asphalt/paving assets.
Such requirement is already largely satisfied by an agreement recently made with Votorantim for the sale of most of these assets for US$727 million.
A lime plant in Alabama and another cement terminal in New York State are also being sold pursuant to these divestment undertakings.
As a result of the clearance of the FTC, the scheme of arrangement is expected to become effective on 11 July 2001, after the sanction of the High Court scheduled on that date. The trading of Blue Circle shares shall therefore be suspended one day before and their de-listing should take place one day after such a sanction.
Blue Circle shareholders are being informed through a circular requesting them to return by 6 July 2001, in form of election for the consideration to be paid for their shares. This consideration shall be received by them no later than 25 July 2001.
With the acquisition of Blue Circle, Lafarge - a world leader in building materials - will also become the leading cement manufacturer world-wide with an annual capacity of over 150 million tonnes.
ENDS