LafargeHolcim agrees sale

NEW YORK: Cement maker LafargeHolcim agreed to sell its majority-held Chilean business, Cemento Polpaico, to investment firm Inversiones Caburga Limitada.

Caburga, part of the Hurtado Vicuna Group, agreed to buy the Swiss-French firm's 54.3 percent stake with a roughly 220 million Swiss franc ($225 million) enterprise value via a public tender offer, LafargeHolcim said late on Friday.

It said the offer would be extended to all of Cemento Polpaico's shareholders. It is subject to approval by Chile's competition authorities, which LafargeHolcim said it expected to be granted in the first half of 2017.

The divestment is part of a major scaleback, extended by the group in August to target 5 billion Swiss francs of divestments by the end of 2017.  With the deal's completion, LafargeHolcim said it would exit Chile completely.