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LONDON (Alliance News) - SigmaRoc PLC on Monday said it has offered to buy Channel Islands quarrying firm Ronez Ltd from a subsidiary of cement giant LafargeHolcim Ltd, in a deal which would constitute a reserve takeover of SigmaRoc.
SigmaRoc, which earlier this year changed its investment strategy to focus on construction material companies, said it participated on Friday in an application to the Channel Islands Competition & Regulatory authorities for the requisite approvals in respect of its proposed acquisition.
Ronez is a fully integrated producer of construction materials and operates two quarries and multiple business lines with associated production units across Jersey and Guernsey, SigmaRoc said. The business would be purchased from Aggregate Industries Ltd.
SigmaRoc's shares were suspended in early October at the company's requisite at which point the group said it was "pursuing a takeover deal".
On Monday, the company said the deal was conditional on competition approval, shareholder approval and financing, and noted its shares will remain suspended from trading on AIM until an admission document is published.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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