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STRABAG withdraws from buying CEMEX units

Austrian construction company STRABAG on Friday said it withdrew from a contract to buy the Hungarian and Austrian units of Mexican cement giant CEMEX because Austrian competition authorities failed to make a decision on the deal in time.

The transaction was approved by Hungary's Competition Office, but Austrian authorities did not take a decision by June 30, the end of the commitment period in the purchase agreement, STRABAG said.

“Unfortunately, we were unable to conclude the proceedings in front of the cartel authorities within 11 months. We made every effort but we could not convince the competition authorities of a positive decision,” said STRABAG CEO Hans Peter Haselsteiner.

STRABAG was to have paid €310 million for the units, Econews reported earlier. (MTI-Econews)