On October 1, 2025, the European Commission referred the acquisition of the Alkern group by Holcim Investments to the French competition authority, Autorité de la concurrence, for review under EU Merger Regulation.

Holcim formally notified the transaction on November 24, 2025. After a thorough examination, the Autorité concluded that the acquisition would not harm competition in the relevant markets.

The Autorité analyzed the impact of the merger on various markets, including aggregates, industrial mortars, and pre-cast concrete elements. It found that the transaction would not significantly alter the competitive landscape, primarily due to Alkern's limited market position.

Furthermore, the Autorité ruled out risks of input or customer foreclosure, noting that Holcim would not restrict access to essential products for Alkern's competitors. The analysis also considered potential bundling strategies but determined that existing competitors could effectively counteract such tactics.

As a result, the Autorité de la concurrence cleared the transaction unconditionally, marking it as the 44th referral from the European Commission since 2009.