CEMEX To Maintain Croatian Operations As Sales Deal Fails To Get EC Clearance

(RTTNews) - Building materials company CEMEX S.A.B. de C.V. (CX) announced Wednesday that the European Commission or EC has issued a decision that ultimately does not allow CEMEX to sell its operations in Croatia to Duna-Drava Cement Kft., a joint venture owned by HeidelbergCement AG (HDELY.PK) and Schwenk Zement AG.

Under the sale purchase agreement, one of the closing conditions was to receive the necessary clearance from the EC.

The company now said the transaction will not close and CEMEX will maintain its operations in Croatia and continue to operate them and serve its customers with high quality products and reliable services.

CEMEX Croatia operates 3 cement plants, 7 concrete plants, 2 aggregates quarries and a network of maritime and land-based terminals in Croatia, Bosnia-Herzegovina and Montenegro.