Proposed disposal of assets by Tarmac & Lafarge

RNS Number : 6518O

Breedon Aggregates Ld

15 October 2012

 



15 October 2012

Breedon Aggregates Limited

("Breedon Aggregates" or "the Group")

Statement re: proposed disposal of assets by Tarmac and Lafarge

Breedon Aggregates announced on 1st May 2012 its interest in the assets being made available through the divestiture programme being conducted by Lafarge and Tarmac, as a precondition of their proposed construction materials joint venture.

Over the past two months Breedon Aggregates has conducted a thorough review of the assets being made available in the disposal packages.  Earlier this month the Group submitted conditional offers to the sellers' advisers for a number of the assets. In the event, the Group has been unable to meet the value expectations of the sellers in respect of the majority of assets by number and value and has therefore withdrawn from the bidding process for these assets.


The Group remains in discussion regarding the possible acquisition of certain of the other assets and will make a further announcement on this in due course.

Breedon has completed three bolt-on acquisitions since its formation in 2010 and continues to believe that there are significant opportunities further to consolidate the UK heavyside building materials sector.  The Group remains in discussion with a number of potential sellers.

Current trading remains in line with market expectations and a further update will be given in the Group's pre-close trading update on 26 November 2012.

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For further information:

Breedon Aggregates Limited

Peter Tom, Executive Chairman

Simon Vivian, Group Chief Executive

Ian Peters, Group Finance Director

01332 694010

Stephen Jacobs, Head of Communications

07831 764592

Cenkos Securities PLC

Max Hartley/Nicholas Wells

020 7397 8900

 

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