Lehigh, Giant parents scrap Keystone Cement purchase agreement

Sources: U.S. Federal Trade Commission; CP staff HeidelbergCement AG of Germany and Elementia S.A.B. de C.V. of Mexico, along with their North American subsidiaries—Lehigh Hanson Inc., Lehigh Cement Co. LLC and Giant Cement Holding, Keystone Cement Co., respectively—have terminated an agreement regarding the sale of Keystone’s Bath, Pa. plant to Lehigh Cement. The move responds to a U.S. Federal Trade…

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Feds weigh Lehigh commitment to Keystone Cement powder pricing

Sources: U.S. Federal Trade Commission; CP staff The Federal Trade Commission is preparing for a November 2021 administrative trial aimed at blocking or altering the terms of Lehigh Cement Co. LLC’s purchase of Keystone Cement, arguing that the $151 million deal will harm regional competition and violate the FTC and Clayton Acts.

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Mexico’s Elementia closes on Dragon, Keystone parent

Sources: Elementia S.A.B. de C.V., Mexico City; CP staff

The Elementia board of directors approved a multi-step transaction with Spain’s Cementos Portland Valderrivas S.A., yielding a U.S. cement market stake through Giant Cement Holding Inc. The deal saw a) Elementia pay $220 million for a 55 percent stake and full control of the business; b) Elementia grant Giant Cement a $305 million loan through committed credit lines; and, c) Giant Cement utilize the $525 million infusion to retire 100 percent of its debt.

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