2nd Feb 2015 06:38
LONDON (Alliance News) - CRH PLC agreed a deal with Lafarge SA and Holcim Ltd under which the Irish building materials company will buy a range of assets being sold by its French and Swiss rivals as part of the conditions for their merger to be given regulatory approval.
Under the deal, CRH will pay EUR6.5 billion to buy assets from the companies primarily in Europe, Canada, Brazil and the Philippines.
Lafarge and Holcim said in a statement Monday they expect the deal to be completed in the first half of this year. They said it is subject to completion of their merger and said the divestment plans will be submitted to the relevant European authorities.
The Lafarge-Holcim statement said the combined businesses being sold to CRH generated estimated sales in 2014 totalling EUR5.2 billion, with an estimated operating EBITDA of EUR744 million.
By Sam Unsted; [email protected]; @SamUAtAlliance
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