EU: Regulator grants conditional approval to HeidelbergCement-Italcementi’s $4.1-bn merger

The European regulator has approved Germany’s HeidelbergCement AG’s proposed acquisition of its Italian rival Italcementi SpA for €3.7 billion ($4.1 billion) with conditions.

The European Commission (EC) cleared the acquisition on condition that that HeidelbergCement sells Italcementi’s entire business in Belgium.

The divestment includes all of Italcementi’s cement, ready-mix and aggregates assets in Belgium, its stake in an existing limestone joint venture with LafargeHolcim, as well as a portion of HeidelbergCement’s limestone quarry in Antoing provided in exchange for a portion of Italcementi’s Barry quarry, which will be retained by HeidelbergCement.

Margrethe Vestager, the head of antitrust policy at the EC said, “Competitive markets for cement and concrete are essential for the EU’s construction sector. I welcome the proposed commitments as they will ensure that HeidelbergCement’s multi-billion euro takeover of Italcementi will not harm effective competition.”

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