Taiheiyo Cement says talks to buy US firm fail

Taiheiyo Cement says talks to buy US firm fail
Published: 25 June 2007

Taiheiyo Cement Corp said it has failed to clinch a deal to buy a ready mixed concrete producer to expand its overseas business.

Taiheiyo, which gets nearly 80 per cent of its sales from the mature Japanese market, had announced last week it was in talks to buy a US maker of mixed concrete, without giving the name of the target or other details.

The announcement, which Taiheiyo made because the US Federal Trade Commission issued a notice saying it had granted clearance for a deal, helped spark a brief rally in Taiheiyo’s shares last week.