UPDATE 2-Cemex eyes action on Strabag deal pullout

* Strabag had agreed to buy Austrian and Hungarian units

* Failed to get Austrian antitrust approval by June 30

* Cemex disputes decision, considering court action (Adds Cemex response, previous VIENNA)

MONTERREY, Mexico, July 3 (Reuters) - Mexico's Cemex, the world's No. 3 cement company, said on Friday it was considering legal action against Strabag (STRV.VI: Quote, Profile, Research) after the Austrian builder pulled out of a $435 million asset deal.

Strabag dropped its plan to buy Cemex's (CMXCPO.MX: Quote, Profile, Research)(CX.N: Quote, Profile, Research) units for 310 million euros because it did not get Austrian anti-trust officials approval by a June 30 deadline.

Cemex, which was counting on the money to help it repay $4.1 billion in debt this year, said the move was "invalid."

"Strabag is unwilling to fulfill its commitment as specified by the agreement between our companies," said Cemex's Chief Executive Lorenzo Zambrano said in a statement.

"Cemex believes the agreement still to be valid and is considering taking appropriate legal recourse," the company said.

Under the deal, announced last July, Strabag would have acquired Cemex's cement production and stone and gravel pits in Austria and Hungary, with total revenues of 257 million euros in 2007, the most recent data available.