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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Breedon Group plc    BREE   JE00B2419D89

BREEDON GROUP PLC

(BREE)
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UK Regulator Invites Comments on Breedon's Cemex Asset Buy Before Final Ruling

11/11/2020 | 09:46am EST

By Ian Walker

The U.K. Competition and Markets Authority on Wednesday invited comments from interested parties into Breedon Group PLC's acquisition of assets from Cemex Investments Ltd., before making a final ruling on the deal.

The U.K. Competition and Markets Authority said on Sept. 10 that undertakings offered by Breedon Group--or a modified version of them--may be enough to satisfy its competition concerns.

However, before making a final ruling the CMA has offered interested parties the opportunity to record their views and has set a deadline of Nov. 25. It then has until Jan. 4, 2021 to decide whether to accept the undertakings offered by Breedon, or a modified version thereof.

The regulator said in August that Breedon Group's completed acquisition of certain assets and operations from Cemex SAB de CV raised competition concerns and sought undertakings to address them. Specifically, the CMA said the deal could lessen competition in the building-materials market, and particularly in 15 local markets across the U.K. where the two companies compete closely with limited competition from other suppliers.

The U.K. construction-materials company has offered to sell certain assets, and said Monday that it is selling 10 ready-mixed concrete plants, an asphalt plant and associated aggregates depot in England, as well as two quarries and a cement terminal in Scotland to Tillicoultry Quarries Ltd. for 12.2 million pounds ($16.2 million).

Breedon said completion of the disposals is conditional upon confirmation from the regulator that it will accept this undertaking. If approved, the company expects to complete the sale by the end of this year.

Breedon agreed to buy around 100 Cemex sites across the U.K. for GBP155 million in January, in cash plus the assumption of GBP23 million in lease liabilities.

Breedon shares at 1420 GMT were down 0.20 pence, or 0.2%, at 81.60 pence.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

11-11-20 0946ET

Stocks mentioned in the article
ChangeLast1st jan.
BREEDON GROUP PLC 2.07% 88.6 Delayed Quote.-1.83%
CEMEX LATAM HOLDINGS, S.A. 0.37% 4580 End-of-day quote.-1.12%
CEMEX, S.A.B. DE C.V. 0.08% 12.67 End-of-day quote.23.37%
All news about BREEDON GROUP PLC
01/12BREEDON : appoints Managing Director of Great Britain (GB) Contracting
PU
2020BREEDON : Expects 2020 Underlying EBIT to Exceed Market Expectations
MT
2020Breedon Completes Asset Sale to Tillicoultry Quarries
MT
2020Breedon's Asset Sale to Tillicoultry Quarries to Complete Soon
MT
2020BREEDON : Investor presentation November 2020
PU
2020Breedon Names New CEO, CFO Designate
MT
2020Breedon Logs Lower 10-Month Revenue Amid COVID-19, Brexit Woes
MT
2020BREEDON GROUP PLC : quaterly sales release
2020UK Regulator Invites Comments on Breedon's Cemex Asset Buy Before Final Rulin..
DJ
2020Breedon To Sell 14 Sites To Tillicoultry Quarries For $16.1 Million
MT
More news
Financials
Sales 2020 892 M 1 214 M 1 214 M
Net income 2020 34,9 M 47,5 M 47,5 M
Net Debt 2020 382 M 520 M 520 M
P/E ratio 2020 40,0x
Yield 2020 -
Capitalization 1 448 M 1 965 M 1 972 M
EV / Sales 2020 2,05x
EV / Sales 2021 1,65x
Nbr of Employees 3 000
Free-Float 88,4%
Chart BREEDON GROUP PLC
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Technical analysis trends BREEDON GROUP PLC
Short TermMid-TermLong Term
TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 9
Average target price 94,44 GBX
Last Close Price 85,80 GBX
Spread / Highest target 22,4%
Spread / Average Target 10,1%
Spread / Lowest Target -13,8%
EPS Revisions
Managers and Directors
NameTitle
Patrick Robert Ward Group Chief Executive Officer & Executive Director
Amit Bhatia Non-Executive Chairman
Robert Wood Group Finance Director & Executive Director
Clive Graeme Watson Senior Independent Non-Executive Director
Mansurah Talat Mannings Independent Non-Executive Director
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