A business merger of Lagan Cement and Quinn Building Products will now not go ahead, it has been confirmed.

A spokesman for Lagan Cement Group said: "In late December of last year, Lagan Cement Group Ltd and Quinn Building Products Ltd signed a memorandum of understanding to explore the possibility of a joint venture involving certain of their cement and building product businesses.

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"Discussions have now concluded and both companies have decided not to progress further with the proposed joint venture."

The news follows the posting of a bullet to Kevin Lagan, chief executive of Lagan Cement, at his Belfast headquarters in January.

Mr Lagan said at the time the threat was a crude tactic.

The Quinn Group was previously owned by bankrupt Fermanagh businessman Sean Quinn.

It was taken over by the Irish Bank Resolution Corporation (IBRC) in April 2011.

There have been a number of attacks on Quinn Group property since the group took over the company in 2012.

(IT/GK)