NEW YORK (TheStreet) -- Shares of Anglo American Plc
(AAUKY) are down -1.15% to $12.95 in heavy trading volume after the miner said that it would sell its 50% stake in Lafarge Tarmac to Lafarge S.A.
(LFRGY) for a minimum consideration of $1.51 billion in cash, on a debt and cash free basis, Reuters reports.
Shares of Lafarge are down -2.23% to $21.92.
Lafarge Tarmac was formed as a 50/50 joint venture between Lafarge UK and Anglo American's Tarmac business.
The miner said it expects to use the proceeds to pay down debt.STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.