Spain: The European Commission (EC) has objected to Cemex's plan to acquire Holcim's Spanish units, according to Reuters.
Cemex and Holcim unveiled the deal in August 2013, part of which included Holcim taking over Cemex's German businesses. The EC cleared this deal unconditionally earlier in July 2014. However, the Spanish part of the deal triggered an in-depth probe by the EC in April 2014. The preliminary review showed that the takeover would substantially curb competition in the grey cement market in certain parts of Spain.
"The EC has sent a statement of objections to the companies," said an EC spokesperson.
"We cannot comment and the process is following its normal course," said Cemex. "Proper disclosure will be made when we have to make it." Cemex had offered some concessions during the EC's preliminary review, but these were not considered to be sufficient. The EC has set a 5 September 2014 deadline for its decision.
