CMA Clears Acquisition of Hope

RNS Number : 3516F

Breedon Aggregates Ld

27 July 2016

 

27 July 2016

BREEDON AGGREGATES LIMITED

("Breedon" or the "Company")

Competition and Markets Authority's Clearance of Acquisition of

Hope Construction Materials Limited ("Hope")

Breedon notes the announcement today by the Competition and Markets Authority that it has accepted Breedon's undertakings in lieu of a reference to a Phase 2 investigation in respect of its proposed acquisition of Hope (the "Acquisition"), and that Breedon has accordingly been cleared to complete the  Acquisition, subject to those undertakings.  As indicated in Breedon's announcement on 21 July 2016, it now expects to complete the acquisition of Hope on 1 August 2016.

Commenting on the announcement Breedon's Chairman, Peter Tom CBE, 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."

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The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulations (EU) No. 596/2014.

Enquiries:

Breedon Aggregates Limited	Tel: [phone]
Pat Ward, Group Chief Executive Rob Wood, Group Finance Director
Stephen Jacobs, Head of Communications	Tel: [phone]
Cenkos Securities plc (Nomad and joint broker) Max Hartley	Tel: [phone]
Peel Hunt LLP (Joint broker)	Tel: [phone]
Justin Jones/ Mike Bell

Note to editors

With the acquisition of Hope, Breedon Group plc (as the company will be named from 1 August) will become the UK's largest independent construction materials group, with the country's largest cement plant, around 60 quarries, nearly 30 asphalt plants, approaching 200 ready-mixed concrete plants, some 2,100 employees and approximately 750 million tonnes of mineral reserves and resources.  The enlarged group's strategy will be to continue growing organically and through consolidation of the UK heavyside building materials sector.

 

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