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EU clears CRH purchase of some Lafarge and Holcim assets

Reuters - UK Focus

BRUSSELS, April 24 (Reuters) - EU antitrust regulators on Friday cleared Irish cement firm CRH (NYSE: CRH - news) 's planned 6.5 billion euro ($7.1 billion) purchase of a number of mostly European assets from rivals Lafarge (Paris: FR0000120537 - news) and Holcim (Other OTC: HCMLF - news)

The European Commission, which rules on competition issues in the European Union, said in a statement that the transaction would raise no competition concerns because the merged entity would still face sufficiently strong competition.

The sale of the assets was a condition for France Lafarge and Switzerland's Holcim to merge, creating the cement industry's largest company, although Zurich-based Holcim needs to win the support of two-thirds of shareholders at a meeting on May 8. ($1 = 0.9216 euros) (Reporting By Philip Blenkinsop)