Business
Update on Acquisition
Update on Acquisition.
About this update from Breedon Group Plc
[{"type":"text","content":"\n \nRNS Number : 8017E Breedon Aggregates Ld 21 July 2016 \n\n21 July 2016\nBreedon Aggregates Limited\n(\"Breedon\")\n \nBreedon update on acquisition of Hope Construction Materials Limited (\"Hope\")\nFurther to the announcement on 30 June 2016, Breedon is pleased to announce that it has now entered into separate agreements with each of Tarmac Trading Limited (\"Tarmac\") and The Concrete Company Limited (\"TCC\") for the sale of the 14 ready-mixed concrete plants that are required by the Competition and Markets Authority (\"CMA\") to be divested in order to remedy local competition concerns arising in connection with Breedon's acquisition of Hope. Completion of the agreements with Tarmac and TCC is conditional upon final CMA acceptance of the divestment undertakings offered by Breedon and CMA clearance of the Hope transaction and will not become effective until that date. Breedon remains confident of being able to complete the main Hope transaction on 1 August 2016, subject to CMA approval.\n- ends -\nThe information contained within this announcement is deemed by the Group to constitute inside information under the Market Abuse Regulations (EU) No. 596/2014.\nEnquiries:\n\n\n\n\nBreedon Aggregates Limited\nPat Ward, Group Chief Executive\nRob Wood, Finance Director\nStephen Jacobs, Head of Communications\n\n\nTel: 01332 694444\n \n \nTel: 07831 764592\n\n\n\n\nCenkos Securities plc (Nomad and joint broker)\nMax Hartley\n\n\nTel: 020 7397 8900\n \n\n\n\n\nPeel Hunt LLP (Joint broker)\nJustin Jones/ Mike Bell\n\n\nTel: 020 7418 8900\n\n\n\n\nNote to Editors \nBreedon Aggregates is the leading independent aggregates business in the UK after the four global majors. It operates more than 50 quarries, nearly 30 asphalt plants, over 60 ready-mixed concrete plants and three concrete block plants in England, Wales and Scotland and employs around 1,240 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 grow through consolidation of the UK heavyside building materials sector.\n \nIn November 2015 Breedon announced its intention to acquire Hope Construction Materials for £336 million. The acquisition will create the UK's largest independent construction materials...