Business
CMA's Review of Proposed Acquisition
CMA's Review of Proposed Acquisition.
About this update from Breedon Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1921X\n Breedon Group PLC\n 26 August 2020\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n NEWS RELEASE\n \n \n \n \n \n \n \n \n \n \n \n \n 26 August 2020\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n BREEDON GROUP PLC\n \n \n (\"Breedon\" or the \"Company\")\n \n \n \n \n \n Competition Authority's review of proposed acquisition\n \n \n of assets from CEMEX UK Operations Limited (\"CEMEX\")\n \n \n \n \n \n Breedon notes the announcement today by the Competition and Markets Authority (\"CMA\") in relation to its Phase 1 review of Breedon's acquisition of certain assets and operations from CEMEX, which was completed on 31 July 2020.\n \n \n The outcome is broadly in line with Breedon's expectations and the Company now has a short period during which to offer remedies to address the CMA's outstanding concerns. These are expected to take several months to implement, during which time the former CEMEX assets will continue to be held separate from Breedon and operated as Pinnacle Construction Materials.\n \n \n The Company will make further announcements in due course.\n \n \n \n \n \n - ends -\n \n \n Information on Breedon Group\n \n \n Breedon Group plc is a leading construction materials group in Great Britain and Ireland. It operates two cement plants and an extensive network of quarries, asphalt plants and ready-mixed concrete plants, together with slate production, concrete and clay products manufacturing, contract surfacing and highway maintenance operations. Following the acquisition of CEMEX's UK Assets (subject to the remedies required by the CMA), the Group employs over 3,500 people and has around 1 billion tonnes of mineral reserves and resources. The Group's strategy is to continue growing through organic improvement and the acquisition of businesses in the heavyside construction materials market.\n \n \n \n \n \n \n \n \n \n \n \n Enquiries:\n \n \n \n \n \n Breedon Group plc\n \n \n Pat Ward, Group Chief Executive\n \n \n Rob Wood, Group Finance Director\n \n \n Stephen Jacobs, Group Head of Communications\n \n \n \n \n \n Cenkos Securities (NOMAD and Joint Broker to Breedon)\n \n \n Max Hartley\n \n \n Harry Hargreaves\n \n \n ...