Concretus Rescinds Bid for Majority of Cemex Lithuania AffiliateBryan Bradley
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.