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.
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meet the value expectations of the sellers in respect of the majority of assets by number and value and has therefore withdrawn from the bidding process for these assets," the firm said.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.
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Paying the grandkids’ school fees could generate a shock IHT bill
Private school fees have soared as a result of the government’s VAT policy, meaning more grandparents are helping out – but what are the tax implications?
-
Number of savings deals hits record high – as interest rates slump to two-year low
Savers have more choice than ever when it comes to choosing a savings account or cash ISA. But, the interest rates on offer continue to fall. What’s next for the savings market?