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Croatia's Nexe Grupa to acquirе Cemex's unit in Feb - report

Author Iskra Pavlova
Croatia's Nexe Grupa to acquirе Cemex's unit in Feb - report Photo:

ZAGREB (Croatia), February 18 (SeeNews) - Croatian construction materials producer Nexe Grupa is expected to acquire later this month the local unit of Mexico's Cemex, which is still up for sale following HeidelbergCement's unsuccessful attempt to buy it several years ago, Croatian media reported.

Nexe has completed a due diligence process at Cemex Croatia and the signing of a sale and purchase agreement is expected to take place within 10 days, news daily Slobodna Dalmacija reported on Monday, quoting unofficial information.

No details of the potential transaction have been revealed yet, Slobodna Dalmacija said.

Last month, local media reported that Nexe's representatives visited the headquarters of Cemex Croatia in Kastel Sucurac, near the coastal city of Split, in order to carry out due diligence.

In 2015, Cemex signed an agreement to sell its unit in Croatia, which also holds assets in Bosnia and Herzegovina, Montenegro and Serbia, to Hungarian peer Duna-Drava Cement, part of HeidelbergCement Group, for 231 million euro ($250 million). Cemex Croatia's assets comprise three cement plants, two aggregate quarries and seven ready-mix plants.

In April 2017, however, the European Commission banned the proposed takeover of Cemex Croatia by HeidelbergCement, citing concerns that the deal would significantly reduce competition in grey cement markets and lead to a rise in prices in Croatia.

($=0.924522 euro)