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Concretus Rescinds Bid for Majority of Cemex Lithuania Affiliate

April 23 (Bloomberg) -- UAB Concretus Materials called off the purchase of a majority stake in Lithuanian cement maker Akmenes Cementas AB after a competition body threatened to block the deal over market share.

Concretus withdrew its request for approval and canceled a contract to buy as much as 51 percent of Akmenes, which is one-third owned by Cemex SAB of Mexico, after being shown draft decisions from the Competition Council in Vilnius, the Lithuanian capital, the council said today.

A market study showed that Concretus, which is based in Vilnius, owns companies that already control large parts of the Baltic nation’s cement industry, the council said in a statement on its website. The purchase of Akmenes would have increased its dominance and limited competition, it said.

To contact the reporter on this story: Bryan Bradley in Vilnius at bbradley13@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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