Lafarge Nigeria gets approval to merge South African and Nigerian units

Shareholders in Lafarge Wapco , the Nigerian unit of French cement maker Lafarge , on Wednesday approved a $1.35 billion deal combining its Nigerian businesses with Lafarge’s wholly-owned South African subsidiary.

Olusegun Osunkeye, chairman of Lafarge Wapco told shareholders at a meeting the Nigerian cement firm would pay the Lafarge group $200 million in cash and 1.4 billion in new shares to buy Lafarge’s South African unit and other of its Nigerian businesses in order to combine them.

Read more: UPDATE 2-Lafarge Nigeria gets approval to merge South African, Nigerian units | Reuters.