Sale of Akmenes Cementas shares blocked by anti-trust regulator

Sale of Akmenes Cementas shares blocked by anti-trust regulator

Lithuania’s Competition Council has blocked the sale of a 51 per cent stake in Akmenes Cementas to Concretus Materials, part of the Betoneta Group.

The regulator concluded on Monday that the market share, which the potential buyer would obtain after the takeover, would be too large.

Shortly after the announcement, Concretus Materials withdrew its request for approval and cancelled the offer.

Akmenes Cementas is Lithuania’s sole cement producer and operates a plant with a 1.35Mta clinker capacity. Akmenes Cementas is controlled by four Lithuanian private owners, which include the management, with Cemex having a minority interest of a little below 34 per cent.