IR News

Xella maintains its interest in H+H

Despite withdrawing its application for a combination of the businesses to the European Commission, the Duisburg-based building materials group is sticking to its aim of taking over the Danish competitor H+H

On 14 January this year Xella announced in a press release its intent to make a bid for H+H International A/S depending on suitable circumstances. Xella thus applied to the European Commission to initiate an appropriate merger control procedures. Following the partial referral of the procedure to the German Federal Cartel Office to investigate the effects of the project on the German market, the European Commission in parallel investigated the effects on the markets outside of Germany.
The withdrawal of this application to the European Commission (Form CO) does not mean an end to the procedures or the abandonment of the merger project. Rather, it serves the coordination of the two procedures before the Federal Cartel Office and the European Commission. 'We have withdrawn the application in agreement with the European Commission so that we can discuss and clarify questions about the market and competition in close collaboration with the authorities and be able to take into account the results of the continuing procedures before the Federal Cartel Office,' says Jan Buck-Emden, CEO Xella. 'At the end of this clarification phase we will re-submit the application. We are sticking to our goal and will consider a public offer as soon as the preconditions for this have been created,' concludes Buck-Emden.
The German Federal Cartel Office extended its review until 26 September 2011. Xella will continue to contribute the data required by the merger authority to come to a conclusion.