Business
Response to Competition Authority's Report
Response to Competition Authority's Report.
About this update from Breedon Group Plc
[{"type":"text","content":"\n \nRNS Number : 2855W Breedon Aggregates Ld 26 April 2016 \n\n \n News release\n26 April 2016\nBreedon Aggregates Limited\n(\"Breedon Aggregates\", \"Breedon\" or the \"Company\")\n \nResponse to Competition Authority's report on its Investigation \ninto Acquisition of Hope Construction Materials Limited (\"Hope\")\n \nBreedon Aggregates welcomes today's announcement from the Competition and Markets Authority (\"CMA\") that it has reasonable grounds for believing that the undertakings offered by Breedon in connection with its proposed acquisition of Hope, or a modified version of them, might be acceptable. \n \nIn line with our previous guidance, these undertakings will require the divestment of 14 ready-mixed concrete plants currently owned by Breedon and Hope.\n \nThe Company fully expects to be able to finalise the required undertakings to the CMA's satisfaction and complete the required divestments in the near future, paving the way for completion of the acquisition later this summer.\n \n- ends -\n \nNote to editors\n \nBreedon Aggregates is the largest independent aggregates business in the UK after the four global majors. It operates more than 50 quarries, nearly 30 asphalt plants, around 60 ready-mixed concrete plants and three concrete block plants in England and Scotland and employs approximately 1,200 people. The group has strong asset backing, with over 500 million tonnes of mineral reserves and resources in the UK. Breedon Aggregates' strategy is to continue growing organically and through consolidation of the UK heavyside building materials sector.\nIn November 2015 Breedon announced its intention to acquire Hope Construction\nMaterials Limited for £336 million. The acquisition is expected to complete later this summer, creating the UK's largest independent building materials group with one of the country's largest cement plants, around 60 quarries, more than 200 ready-mixed concrete plants and approximately 750 million tonnes of mineral reserves and resources.\n \n \nFor further information:\n \nBreedon Aggregates Limited\nPat Ward, Group Chief Executive\nRob Wood, Group Finance Director\n01332 694010\n \nStephen Jacobs, Head of Communications \n07831 764592 \n \nCenkos Securities (NOMAD and Joint Broke...