A PYMNTS Company

Spain: EU needs more time to mull Holcim, Cemex deal

By  |  July 29, 2014

The European Commission has reportedly extended its deadline to rule on Cemex’s proposed acquisition of rival Holcim in Spain.

The Commission announced Tuesday that it will now decide on the transaction by the middle of September. Its previous deadline was early September, and the authority did not specify why it extended the timeline.

Reports emerged earlier this month that an unnamed source said the Commission objected to the deal after finding it would reduce competition in the cement industry fo Spain. The firms have offered to divest assets in overlapping markets to appease competition concerns.

Mexico-based Cemex had offered concessions to the Commission, but they were deemed insufficient, say reports. The company won unconditional approval by the EU earlier this month to sell assets in Germany to Switzerland-based Holcim, which is working on its own deal with another EU cement competitor, Lafarge.

Full content: Reuters

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.