France: Private equity firm Astorg is to sell company Kerneos, according to sources reported on by Reuters. Investment bank Lazard has been appointed to work on the sale. The sale of the calcium aluminate cements producer could generate around Euro1bn. None of the parties commented on the story.
Kerneos started as a joint venture between subsidiaries of Lone Star Industries and Lafarge Coppée in 1970. It was purchased by Astorg from building materials business Materis in 2014 for around Euro600m.