EC approves global building materials group Holcim’s acquisition of Xella in Phase I

On 12 June 2026, following a thorough Phase I investigation, the European Commission conditionally approved Holcim’s acquisition of Xella. The transaction brings together two major European construction materials companies: Holcim, a leading supplier of cement, aggregates and ready-mix concrete, and Xella, a leading manufacturer of building materials, including autoclaved aerated concrete (AAC) blocks.

The Commission assessed potential horizontal, vertical and conglomerate effects across a range of construction materials and building products and geographical markets.

RBB supported the Parties throughout prenotification and Phase I by preparing economic evidence on market definition, market shares, competitive dynamics, customer purchasing patterns, and the links between upstream materials and downstream building solutions. The evidence demonstrated that the transaction would not give rise to foreclosure concerns in any affected market.

The RBB team was led by Miguel de la ManoMiguel de la ManoPartner, Nuno AlvimNuno AlvimPartner and Alia SchweigerAlia SchweigerPartner, with support from Alastair CarrAlastair CarrAssociate Principal, Gonzalo ArayaGonzalo ArayaSenior Associate, Mark BrisskeMark BrisskeSenior Associate, Mara Galben CristeaMara Galben CristeaSenior Associate, Wei Herng KokWei Herng KokSenior Associate, Noah MayallNoah MayallSenior Associate, Alastair PlumbAlastair PlumbSenior Associate and Mark PriceMark PriceSenior Associate. RBB worked alongside the Parties’ legal advisers Linklaters and Weil throughout the Commission’s investigation.