Vulcan Materials, Florida Rock get Department of Justice OK on acquisition |
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Thu, 15 Nov 2007 15:12
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BOSTON (Thomson Financial) - Vulcan Materials Co. and Florida Rock Industries Inc. Thursday said they have received clearance from the Department of Justice for Vulcan to complete its acquisition of Florida Rock.The transaction is expected to take place Friday, the companies said.Both Vulcan and Florida Rock have agreed to a consent decree with the Department of Justice in which Vulcan will be required to divest itself of certain operations in Tennessee, Georgia, and Virginia.Shares of Vulcan, the Birmingham, Ala.-based construction aggregates producer, rose 2% to $84.90 in premarket trading.Shares of Florida Rock, the Jacksonville, Fla.-based ready-mixed concrete producer, closed Wednesday at $63.57.Greg Saulniergs/jwCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Vulcan Materials, Florida Rock to divest 