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Strabag Cancels Purchase Of Cemex Ops In Hungary, Austria
Jul, 03 2009
(Frankfurt, Austria) -- Construction company Strabag SE on 1 July 2009 withdrew from the purchase contract for the activities of CEMEX in Hungary and Austria, it said today.
The agreement had been signed in the summer of 2008. For the past 11 months, the purchase had been subjected to a review by the cartel authorities in Hungary and Austria. While the Hungarian authorities had already stated their conditional approval, approval by the Austrian authorities remained pending.
The purchase agreement contained a commitment period until 30 June 2009. Following expiration of the deadline, Strabag has now withdrawn from the agreement. Hans Peter Haselsteiner, the CEO of Strabag, is disappointed by the failure of the acquisition: "Unfortunately, we were unable to conclude the proceedings in front of the cartel authorities within 11 months. We made every effort but we could not convince the competition authorities of a positive decision."
Source: www.online.wsj.com
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