SigmaRoc gets Poland competition clearance for Nordkalk purchase

Buy-and-build quarried materials company SigmaRoc announced on Monday that it has received “full and unconditional” merger clearance from the Polish Office of Competition and Consumer Protection (UOKiK) for its acquisition of Nordkalk, a wholly-owned subsidiary of Rettig Group.

The AIM-traded firm also confirmed that it had received shareholder approval for the acquisition at its general meeting on 2 August, and as a result, it could now proceed with completion of the acquisition.

It said the acquisition consideration of about €470m (£399.37m) was being satisfied through a combination of €270m from the proceeds of the placing, the drawdown of €150m of the new facility, and the issue of the €50m consideration shares.

The company said it was currently undertaking the steps to draw down under the new facility, so that it was in a position to complete.

It expected an application to be made to the London Stock Exchange for the admission of the 305,882,352 placing shares, 50,276,521 consideration shares and 1,880,301 retail offer shares to trading on AIM shortly.

Completion of the acquisition would occur on admission, which the company currently expected to occur on 31 August.

“We are delighted with this swift decision from the Polish competition authority and look forward to working with our new colleagues at Nordkalk to generate value for our shareholders,” said chief executive officer Max Vermorken.

At 1541 BST, shares in SigmaRoc were up 1.99% at 101.99p.