British concrete company RMC is set to be bought by Mexican rival Cemex in a deal valuing it at around £2.3 billion.
Directors from both companies have approved the purchase of the world's biggest maker of ready-mixed cement. RMC around 6,500 people in Britain with some 300 concrete plants and 140 quarries in locations including Rugby, Buxton in Derbyshire and Milton Keynes.
RMC is in the middle of a major restructuring which has resulted in the loss of nearly 500 jobs this year on top of 300 cuts last year. The firm said that in making an offer of 855p per share, compared with Friday's closing price of 599p, Cemex had recognised the company's recovery potential.
Cemex said it was too early to say what the move would mean for RMC's staff and management team. In a document detailing the offer, it said the existing employment rights, including pension rights, of all RMC employees would be fully safeguarded.