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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"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meet the value expectations of the sellers in respect of the majority of assets by number and value and has therefore withdrawn from the bidding process for these assets," the firm said.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.
-
Water companies blocked from using customer money to pay “undeserved” bonusesThe regulator has blocked three water companies from using billpayer money to pay £1.5 million in exec bonuses
-
Will the Bitcoin price hit $100,000?With Bitcoin prices trading just below $100,000, we explore whether the cryptocurrency can hit the milestone.
