EU blocks proposed German takeover of Croatian cement maker

EU blocks proposed German takeover of Croatian cement maker

European Union regulators have blocked the proposed takeover of Cemex Croatia, a cement maker, by Germany's HeidelbergCement and Schwenk, saying it would have "significantly reduced competition".

According to the EU's antitrust chief, Margrethe Vestager, "We had clear evidence that this takeover would have led to price increases in Croatia, which could have adversely affected the construction sector."

Regulators said that both the German companies had failed to agree on concessions that would have eased the EU's concerns about market domination. The EU estimates that the combined companies would have had 45-50 per cent of the market in Croatia.

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