Breedon drops out of Tarmac asset bid

Breedon Aggregates, the building materials group, said it had dropped out of bidding to acquire assets being off-loaded by Lafarge and Tarmac.

The two firms have been forced to sell by the Competition Commission before a construction materials joint venture can go forward.

Earlier in October, Breedon submitted 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meet the value expectations of the sellers in respect of the majority of assets by number and value and has therefore withdrawn from the bidding process for these assets," the firm said.

However, Breedon added it remained in discussions regarding the possible acquisition of certain of the other assets and will make a further announcement on this in due course.

The Competition Commission has ordered French firm Lafarge and Tarmac, which is owned by Anglo-American, to sell a number of assets, including cement plants, quarries, and asphalt plants.