BBMG inks deal for Lafarge China units

Building material manufacturer aims to corner market in Beijing

SHANGHAI: China's leading construction material manufacturer, BBMG Corporation, said yesterday it plans to pay about $74 million to Lafarge China Overseas Holding Co Ltd to purchase shares in two cement makers and one concrete company.

BBMG said it will snap up 65 percent of Beijing Xingfa Cement Co Ltd, 70 percent of Beijing Shunfa Lafarge Cement Co Ltd and 76.72 percent of Beijing Yicheng Lafarge Concrete Co Ltd. Shares in the three are all owned by Lafarge China Overseas Holding.