22nd Jan 2020 08:50
(Alliance News) - Construction materials firm Breedon Group PLC is optimistic it can mitigate regulatory concerns over a proposed acquisition, it said on Wednesday.
Breedon announced the GBP178 million purchase of the UK assets of Mexican building materials peer CEMEX SAB de CV earlier in January.
CEMEX's UK assets encompass approximately 100 operations across six divisions located in Scotland, Wales, North-East England, Norfolk, the East Midlands and Yorkshire.
However, the UK Competition & Markets Authority has now served an initial enforcement order on the acquisition.
Derby-based Breedon said this was expected, and said it is "actively" working with regulator to ensure it fully complies. Breedon still expects the deal to complete in the second quarter of 2019.
Breedon shares were 0.2% higher on Wednesday morning in London at a price of 89.53 pence each.
By George Collard; [email protected]
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