Holcim wins EU approval for Cemex deal in Germany

ZURICH, June 5 Thu Jun 5, 2014 8:32am EDT

ZURICH, June 5 (Reuters) - Swiss cement maker Holcim said on Thursday it had won unconditional approval from European antitrust regulators for its proposed acquisition of the German operations of its Mexican rival Cemex.

Sources told Reuters on Wednesday that the European Commission was set to give the Swiss company the green light to acquire Cemex West, one part of an asset swap between the two companies.

Holcim and Cemex announced a plan last August to combine and exchange some assets as both cement makers seek cost savings in response to tough conditions in the construction sector.

The Commission is still reviewing another part of the deal which will see the two companies combine their operations in Spain, with Holcim taking a 25 percent stake in the combined entity. (Reporting by Caroline Copley)