New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
June 26, 2014
11:45 EDTMLM, TXIDOJ to require Martin Marietta to divest quarry, two rail yards for TXI deal
The Department of Justice announced that it will require Martin Marietta Materials (MLM) to divest one Oklahoma quarry and two Texas rail yards in order to proceed with its proposed $2.7B acquisition of Texas Industries (TXI). The department said that, without the divestiture, the proposed acquisition likely would result in higher prices for purchasers of aggregate – crushed stone produced at quarries or mines – in parts of the Dallas metropolitan area. The department's Antitrust Division and the state of Texas filed a civil antitrust lawsuit in the U.S. District Court for the District of Columbia to block the proposed transaction. At the same time, the department filed a proposed settlement that, if approved by the court, would resolve the department's competitive concerns alleged in the lawsuit. "Today’s proposed settlement will help ensure that aggregate purchasers in parts of the Dallas metropolitan area will continue to receive the benefits of vigorous competition," said Bill Baer, Assistant Attorney General in charge of the department's Antitrust Division. “Without the divestiture obtained by the Antitrust Division, customers would have likely faced higher prices as a result of this acquisition." Under the terms of the proposed consent decree, Martin Marietta must divest its North Troy aggregate quarry in Mill Creek, Oklahoma, its rail yard in Dallas, and its rail yard in Frisco, Texas. All of these assets predominantly serve parts of the Dallas metropolitan area. Under the proposed settlement, the department's Antitrust Division must approve the buyer of the divested assets.
News For MLM;TXI From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
There are no results for MLM;TXI

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use