Irish building materials group CRH has been notified by cement-maker Semapa of its intention to acquire CRH's shares in their joint venture, Secil.
In 2004 CRH bought the stake for €429m euro, but Semapa has exercised its option to purchase the stake back for €574m.
At a tribunal held in Paris last year, CRH was ordered to sell its stake in the JV.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
In 2011, Secil generated earnings before interest, tax, depreciation and amortisation of €102m on sales of €507m. Net debt at 31 December 2011 amounted to €142 million.
CRH shares rose 2.27% to 1,2600p by 12:11.
December 2023 NS&I Premium Bond winners - check now to see what you’ve won
If you hold money in NS&I Premium Bonds, you can check from today (2 December) to see if you have won in the December prize draw. Here’s how to check.
By Vaishali Varu Published
OpenAI – corporate drama unleashed
OpenAI, the firm behind ChatGPT, was in uproar as its boss was booted out, briefly snapped up by Microsoft and then brought back again.
By Dr Matthew Partridge Published