Nigeria: Lafarge Africa made a US$122m offer on 10 December 2014 to buy out minority shareholders in its Nigerian business, Ashaka Cement. The offer follows the US$1.35bn merger of Lafarge Africa's Nigerian and South African businesses, which received approval from shareholders in July 2014.

Lafarge Africa said that as part of the merger deal it had acquired a 30% stake in Ashaka Cement, the trigger point for making a full takeover bid under Nigeria's securities and takeover rules.

Under the terms of the offer, shareholders who accept it will receive 57 Lafarge Africa shares for every 202 held in Ashaka Cement and an additional cash payment of US$0.0111/share. The offer will run from 10 December 2014 to 16 January 2015. Shares in Ashaka Cement have gained 17% in 2014.

The consolidation will enable Lafarge, which faces intense competition in Africa, to accelerate growth on the continent. Lafarge Africa owns60% of Lafarge Wapco, its listed subsidiary in Nigeria, 58.6% of Ashaka Cement Plc and 100% of the Atlas cement company. In November 2014, Lafarge Africa entered into an agreement to buy a 30% stake in United Cement Company from Flour Mills of Nigeria, which will give Lafarge's Nigeria Cement Holdings complete control.