1st Dec 2020 09:50
(Alliance News) - The UK's competitions regulator on Tuesday said it has accepted Breedon Group PLC's proposal to sell some assets as part of its bid to remedy antitrust concerns over the acquisition of Mexican peer Cemex SAB de CV's UK arm.
In November, Breedon said it has agreed the sale of 14 sites to Tillicoultry Quarries Ltd for GBP12.2 million in order to UK Competition & Markets Authority's concerns over the Cemex deal.
The CMA on Tuesday said it has "accepted undertakings" by construction materials firm Breedon.
"We now expect the disposal of certain assets to Tillicoultry Quarries Ltd to complete shortly," Breedon said.
Breedon first announced a deal to acquire Cemex's UK assets for GBP178 million back in January.
Breedon at the time said the combination of the CEMEX UK assets with its own will further enhance its position as a "leading construction materials group in Great Britain and Ireland".
The company's shares were 2.9% higher at 84.60 pence each in London on Tuesday morning, giving Breedon a market capitalisation of GBP1.43 billion.
By Eric Cunha; [email protected]
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