Breedon Aggregates Ltd. has responded to the CMA’s press release that it has completed its Phase 1 review of Breedon’s proposed acquisition of Hope Construction Materials Limited. The CMA has raised concerns over the review’s conclusion that 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.
Breedon has said that this outcome it in line with its expectations, and that the Company now has a short period of time during which to offer remedies to address the CMA’s outstanding concerns. Subject to agreement with the CMA on appropriae remedies, Breedon expects to complete the acquisition later this summer in line with previous guidance.
Adapted from press release by Rebecca Bowden