The board of directors of Lafarge Africa has approved the commencement of a merger with United Cement Company (UNICEM) and Atlas Cement Company (ATLAS).

The brief on the impending merger was contained in a press release published on the website of the Nigerian Stock Exchange (NSE) on Friday, August 4, 2017.

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Lafarge owns 100 per cent stake in both UNICEM and ATLAS, with the ATLAS holding carried at cost at a valuation of about N2 billion.

Lafarge Africa recently concluded the merger and de-listing of Ashaka Cement, which it acquired a few years back in a cash plus equity deal valued at over N58 billion.