Heidelberg Materials named as Summit mystery bidder

Just weeks after it was reported that Summit Materials had entered into an agreement to merge with the US operations of Cementos Argos, Heidelberg Materials is allegedly lining itself up to acquire Summit Materials. According to Bloomberg, Summit Materials has rejected two takeover bids from an “unnamed party” in recent weeks, which has since been revealed as Germany-based Heidelberg Materials.

With Argos USA home to four integrated cement plants, around 140 ready-mixed concrete plants, and eight ports, the proposed merger of Summit Materials and Argos USA, announced on 7 September 2023, would create the fourth-largest cement platform in the US. Under the terms of the agreement, Cementos Argos would receive approximately US$1.2bn in cash and approximately 54.7m shares in Summit.