Back in February 2011, Tarmac and Lafarge announced a proposed Joint Venture (JV) between Tarmac and Lafarge UK operations. One of the conditions imposed by the Competition Commission to enable this to proceed was the sale of Tarmac’s shares in MQP.
Today Tarmac have reached an agreement to sell it’s shares to Mittal Investments subject to the pre-emption right of Hanson. As part of the MQP Shareholder’s agreement Hanson have the rights to pre-empt any sale of Tarmac’s shares by matching an offer they may have received. Tarmac will commence discussions with Hanson once they have received regulatory approval and finalised the contract with Mittal Investments. It is expected that these processes will take a number of months.
Mittal Investments have also agreed to purchase the other assets that Tarmac / Lafarge are selling including Hope cement works, 172 concrete plants and a number of quarries and asphalt plants. This means that subject to Hanson’s pre-emption rights MQP will be part of a major construction material business which will provide many exciting opportunities.
There is no immediate change for any customers, suppliers, employees or other stakeholders as a result of this announcement. MQP is a successful and strong business which will continue to trade in the same way as usual.
We remain focused on our business, and giving our customers what they want when we promise it.
Managing Director - MQP
16 November 2012