Report: Martin Marietta Materials in talks to buy Texas Industries

Martin Marietta Materials Inc. is in advanced talks to buy construction material supplier Texas Industries Inc., according to a report by Bloomberg News that cites people familiar with the matter.

An agreement could be announced as early as this week, said the people, who asked not to be named because the information is private, Bloomberg said.

An official at Texas Industries declined to comment for the Bloomberg story whereas officials at Martin Marietta Materials did not respond to Bloomberg’s requests for comment.

Texas Industries has been working with Citigroup Inc. to find a buyer, people said last month, according to Bloomberg. The company has a market value of more than $2 billion.

The Bloomberg story went on to say that talks restarted late last week after earlier hitting a snag, two people said. There’s still a chance no agreement will be reached, the people said. The deal could be an all-stock transaction, one person said.

Texas Industries’ strength in California and its home state of Texas would give Martin Marietta an entry into the cement market, the Bloomberg story speculated.