HeidelbergCement won't bid for Lafarge and Holcim assets

HeidelbergCement has said it will not bid for any of the assets up for sale by rivals Lafarge and Holcim as part of their planned merger.

“After a thorough analysis, HeidelbergCement has decided to refrain from the ongoing bidding process for the assets offered for sale of Lafarge and Holcim in the frame of its merger proceedings, “ the German cement major said in a statement.

There had been speculation that HeidelbergCement would use the anticipated proceeds from the announced sale of its building products business in North America and the UK to purchase some of the assets Lafarge and Holcim plan to sell worldwide to appease regulators. Instead, HeidelbergCement says it will use the funds it raised “for its own high quality growth projects.”