November 15, 2016 / 7:31 PM / 3 years ago

U.S. OKs bid by HeidelbergCement, Italcementi to divest cement plants

WASHINGTON (Reuters) - The U.S. Federal Trade Commission said on Tuesday it had approved an application from HeidelbergCement (HEIG.DE) and Italcementi ITAI.MI to divest the Essroc cement plant in Martinsburg, West Virginia, as well as eight cement terminals in the U.S. mid-Atlantic region.

The divestiture, to Cementos Argos SA CCB.CN, was required by the regulator’s “August 2016 final order settling charges that the $4.2 billion merger of Heidelberg and Italcementi would likely harm competition in five regional markets for cement in the United States,” the FTC said in a statement.

Reporting by Tim Ahmann; Writing by Eric Walwsh; Editing by Alan Crosby

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