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LafargeHolcim sells Philippines business in $2.15 billion deal

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LafargeHolcim sells Philippines business in $2.15 billion deal
The logo of LafargeHolcim, the world's largest cement maker, is seen at its headquarters in Zurich, Switzerland March 2, 2017. REUTERS/Arnd Wiegmann   -   Copyright  Arnd Wiegmann(Reuters)
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ZURICH (Reuters) – LafargeHolcim has agreed to sell its operations in the Philippines in a deal which values the business at $2.15 billion (1.65 billion pounds), the world’s largest cement maker said on Thursday, as it presses ahead with selling off operations in fringe markets.

The Swiss company said it was selling its entire 85.7 percent holding in its Philippines business to San Miguel Corporation, with the money used to pay down debt.

The deal is the latest by LafargeHolcim which has earlier this month said it was selling it operations in Malaysia and Singapore, and also recently sold its operations in Indonesia.

(Reporting by John Revill; Editing by Alexandra Hudson)

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