CMA clears Breedon Aggregates acquisition of Hope
Updated : 15:53
Breedon Aggregates’ planned takeover of Hope cleared a major hurdle on Wednesday, with the Competition and Markets Authority accepting its undertakings in lieu of a Phase 2 investigation.
The AIM-traded firm said as a result, it has been cleared to complete the acquisition, subject to those undertakings.
As indicated in Breedon's announcement on 21 July, it now expects to complete the acquisition of Hope on 1 August.
“The way is now clear for Hope to join us and create the UK's largest independent construction materials group,” said Breedon chairman Peter Tom.
“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.”
Tom said Breedon has built its reputation on 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.”
As a result of the agreement with the CMA, Breedon will sell 14 ready-mixed concrete plants to Tarmac Trading and The Concrete Company.