Cemex considering legal action against Strabag

Cemex says Strabag's withdrawal from the € 310 million acquisition of its Austrian and Hungarian businesses is not valid. It is considering legal action against Strabag.

A statement from Cemex said, "CEMEX has provided Strabag written notice that it considers its withdrawal notice invalid due to Strabag's continued breach of the Agreement. CEMEX believes the Agreement still to be valid and is considering taking appropriate legal recourse.

Cemex did not go into details about the nature of "Strabag's continued breach of the Agreement." Cemex chairman & CEO Lorenzo Zambrano added, "It is unfortunate that Strabag is unwilling to fulfil its commitment as specified by the agreement between our companies."