Last checked at 21 Jul 2016 07:01
21 July 2016
Breedon Aggregates Limited
("Breedon")
Breedon update on acquisition of Hope Construction Materials Limited ("Hope")
Further 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.
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The information contained within this announcement is deemed by the Group to constitute inside information under the Market Abuse Regulations (EU) No. 596/2014.
Enquiries:
Breedon Aggregates Limited Pat Ward, Group Chief Executive Rob Wood, Finance Director Stephen Jacobs, Head of Communications | Tel: 01332 694444
Tel: 07831 764592 |
Cenkos Securities plc (Nomad and joint broker) Max Hartley | Tel: 020 7397 8900
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Peel Hunt LLP (Joint broker) Justin Jones/ Mike Bell | Tel: 020 7418 8900 |
Note to Editors
Breedon 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.
In 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 group, with the country's largest cement plant, around 60 quarries, approaching 200 ready-mixed concrete plants, some 2,100 employees and approximately 750 million tonnes of mineral reserves and resources.