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Breedon Group PLC (BREE)

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Wednesday 26 August, 2020

Breedon Group PLC

CMA's Review of Proposed Acquisition

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.

 

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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

 

Cenkos Securities (NOMAD and Joint Broker to Breedon)

Max Hartley

Harry Hargreaves

 

Numis Securities (Joint Broker to Breedon)

Ben Stoop

Heraclis Economides

 

Teneo (Public Relations Adviser to Breedon)

Matt Denham

Rachel Miller

 

 

 

01332 694010

 

 

07831 764592

 

020 7397 8900

 

 

 

020 7260 1000

 

 

 

020 7420 3180

 

 

 

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