CMA's Review of Proposed Acquisition of Hope

RNS Number : 8858U

Breedon Aggregates Ld

12 April 2016

 

12 April 2016

BREEDON AGGREGATES LIMITED

("Breedon" or the "Company")

Competition Authority's Review of Proposed Acquisition of Hope

Breedon notes the announcement today by the Competition and Markets Authority ("CMA") that it has completed its Phase 1 review of Breedon's proposed acquisition of Hope Construction Materials Limited ("Hope") and that it has concluded there is a realistic prospect of a substantial lessening of competition in a limited number of local ready-mixed concrete markets in England and Scotland. 

This outcome is 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.  Subject to agreement with the CMA on appropriate remedies, Breedon expects to complete the acquisition later this summer in line with previous guidance.

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Note to editors

Breedon Aggregates is the largest independent aggregates business in the UK after the four global majors.  It operates 53 quarries, 26 asphalt plants, 61 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.

Enquiries:

Breedon Aggregates Limited

Pat Ward, Group Chief Executive

Rob Wood, Group Finance Director

01332 694010

Stephen Jacobs, Head of Communications

07831 764592

Cenkos Securities (NOMAD and joint broker)

Max Hartley

020 7397 8900

Peel Hunt (joint broker)

Justin Jones / Mike Bell

020 7418 8900

 

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