Breedon Group PLC CMA's Review of Proposed Acquisition (1921X)
August 26 2020 - 1:14AM
UK Regulatory
TIDMBREE
RNS Number : 1921X
Breedon Group PLC
26 August 2020
NEWS RELEASE
26 August 2020
BREEDON GROUP PLC
("Breedon" or the "Company")
Competition Authority's review of proposed acquisition
of assets from CEMEX UK Operations Limited ("CEMEX")
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.
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.
The Company will make further announcements in due course.
- ends -
Information on Breedon Group
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.
Enquiries:
Breedon Group plc
Pat Ward, Group Chief Executive
Rob Wood, Group Finance Director
Stephen Jacobs, Group Head of Communications 01332 694010
Cenkos Securities (NOMAD and Joint Broker to
Breedon) 07831 764592
Max Hartley
Harry Hargreaves 020 7397 8900
Numis Securities (Joint Broker to Breedon)
Ben Stoop
Heraclis Economides 020 7260 1000
Teneo (Public Relations Adviser to Breedon)
Matt Denham
Rachel Miller 020 7420 3180
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END
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