Breedon pulls out of most of Tarmac Lafarge sell-off

Aaron Morby 11 years ago
Share

Breedon Aggregates has dropped out of the bidding for most of the quarry and concrete plants put up for sale by Tarmac and Lafarge ahead of a UK super-merger.

The acquisition-hungry materials group said its initial offer had not met expected valuations on the majority of assets on sale.

The decision deals a serious blow to Tarmac and Lafarge, which must divest of a batch of quarry and ready-mix plant operations to meet competition commission rules to go-ahead with the huge merge of the two companies’ UK businesses.

Breedon stressed it still remained in the bidding for a small number of businesses in the proposed sell-off.

A statement from Breedon said: “Over the past two months Breedon Aggregates has conducted a thorough review of the assets being made available in the disposal packages.

“Earlier this month the group submitted conditional offers to the sellers’ advisers for a number of the assets.

“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meet the value expectations of the sellers in respect of the majority of assets by number and value and has therefore withdrawn from the bidding process for these assets.
”

It added: “The group remains in discussion regarding the possible acquisition of certain of the other assets and will make a further announcement on this in due course.”

 

 

Latest news

Equans suffers £146m loss and quits new build housing

Losses hit £99m on housing association new build work
4 hours ago

Job cuts at modular house builder TopHat

Offsite housing specialist acts in response to "challenging market"
5 hours ago

Graham wins £85m Milton Keynes Lakes Estate revamp

Enabling works start ahead of building 200 council homes
4 hours ago

Go-ahead for London’s largest estate £1bn rebuild

Spring start for first job at Stratford's Carpenter Estate scheme
18 hours ago

Costain trials electric vans on major civils sites

Green vans meet "tight budgetary requirements" in pilot scheme
21 hours ago

Green light for major mixed-use scheme in Ealing

Scheme will provide 10,915 sq ft of industrial workspace alongside 140 new homes
4 hours ago

Taylor Wimpey sees tender inflation fall to 1%

House builder retenders site work as build costs slide
1 day ago

Careys back in profit after £47m turnaround

Contracting division back in profit ahead of three-year growth plan
2 days ago

Rye Demolition goes into administration

Another specialist contractor goes under
1 day ago

Historic breakthrough for HS2’s longest tunnel drive

TBM Florence ends her 10 mile journey under the Chilterns
2 days ago

Volumetric builder Tide seals deal to start London tower

32-storey North Acton tower will consist of 462 co-living units
1 day ago

Costain moves HQ to London’s Can of Ham

Contractor makes return to London from Maidenhead base
2 days ago

Former Keltbray highways MD joins McAlpine

Vip Gandhi takes lead role at Transport division
2 days ago

Willmott Dixon exits stage left from Essex theatre contract

Contract re-tendering shines spotlight on growing schism between contractors and clients
2 days ago

Purpose build student schemes to surge again

Unite assembles record £1.3bn pipeline as fall in HMO supply boosts PBSA sector
2 days ago

Bidding starts for £1.4bn Midlands Rail Hub Alliance

Alliance will deliver upgrades to rail lines and stations around Birmingham and nearby towns
2 days ago

Brickability sounds warning over materials demand

Distributor sees lower sales lasting for longer before house building recovers
2 days ago

English Cities Fund raises extra £200m for work pipeline

Muse, Homes England, L&G partnership to double in size
2 days ago

Go-ahead for 64 homes at former Glasgow Coliseum theatre

Robertson-owned developer Urban Union to build four housing blocks at site
2 days ago

Competition probe launched into 8 major house builders

Cartel watchdog says volume house builders may have exchanged competitively sensitive information
3 days ago

Cement-free concrete firm falls into administration

DB Group also owned Pudlo waterproofing products
3 days ago

Everton Stadium now structurally complete

Laing O'Rourke lifts final concrete terrace section into place
3 days ago

HS2 launches third London Northolt tunnel TBM

1,700 tonne machine begins 3.4mile dig under the capital
3 days ago

Willmott Dixon set for Manchester science park job

Contractor understood to be in final stages of talks to land £75m Greenheys building
6 days ago

Transport jobs get £4.7bn of cancelled HS2 cash

Government details funding for North and Midlands from 2025
3 days ago

Stewart Milne went down owing supply chain £153m

So far 1,375 firms have come forward with unpaid bills
7 days ago

Didcot disaster investigation enters its ninth year

Still no answers for families of quartet killed in demolition collapse
6 days ago

Mount Anvil wins £275m Westminster estate renewal

First phase of Church Street area regeneration will deliver 400 new homes and a library
7 days ago

Trio of A47 road upgrades to go-ahead as legal challenge fails

20-month delay adds tens of millions to dualling costs
7 days ago

Skanska and Morgan Sindall win £277m duo of Cambridge jobs

Railpen awards £200m Botanic Place and £77m Devonshire Gardens office jobs
1 week ago

Contractor services