The Competition & Markets Authority (CMA) has given final clearance to Breedon’s acquisition of Hope Construction Materials. Breedon expects to complete the acquisition of Hope on 1st August. Both Breedon and Hope produce and supply aggregates and ready-mixed concrete, with the merged entity set to operate over 200 readymix sites
©Getty Weak commodity prices weighed heavily on Vedanta Resources as it cut its dividend by more than half and wrote down the value of its oil and gas operations and other assets by $5bn. Lower prices for Vedanta’s products, ranging from zinc and copper to oil and gas, prompted the
The Competition & Markets Authority (CMA) has given final clearance to Breedon’s acquisition of Hope Construction Materials. Breedon expects to complete the acquisition of Hope on 1st August. Both Breedon and Hope produce and supply aggregates and ready-mixed concrete, with the merged entity set to operate over 200 readymix sites across England, Wales and Scotland. The CMA had competition concerns arising from the acquisition (link opens in new tab). It has accepted a remedy put forward by Breedon to sell 14 of the sites to Tarmac and the Concrete Company. Tarmac will buy 11 concrete plants and The Concrete Company will buy three in Lincolnshire (link opens in new tab). The CMA said that it considers the remedy appropriate to resolve its concerns. CMA’s acceptance of the undertakings given by Breedon means that the acquisition can now go ahead without being referred for an in-depth merger investigation. Breedon chairman Peter Tom said: “The way is now clear for Hope to join us and create the UK’s largest independent construction materials group. It will give us a stronger platform for growth, with a broader geographical footprint, increased scale, an improved product mix, greater financial capacity and a team of highly talented people. “We have built our reputation on our service, delivered locally, promptly and to the highest quality standards. We look forward to working with our new colleagues to deliver an even better and more comprehensive service to our customers in the years ahead.” This article was published on 27 Jul 2016 (last updated on 27 Jul 2016). Source link
©Getty Weak commodity prices weighed heavily on Vedanta Resources as it cut its dividend by more than half and wrote down the value of its oil and gas operations and other assets by $5bn. Lower prices for Vedanta’s products, ranging from zinc and copper to oil and gas, prompted the company to report pre-tax impairments of $5.2bn for the year. The bulk of this figure, $4.9bn, came from a writedown of its oil and gas operations with iron ore and copper assets contributing the rest. More On this topic IN Mining Operating profit at the London-listed Indian resources group was halved to $881m for the financial year to the end of March on the back of a 17 per cent fall in revenue from $12.9bn to $10.7bn. Copyright The Financial Times Limited 2016. You may share using our article tools. Please don’t cut articles from FT.com and redistribute by email or post to the web. Source link
