independent

Monday 21 April 2014

CRH has firepower for $1.9bn deals

CRH has the capacity for as much as $1.9bn of acquisitions in the next 18 months as the US housing market begins to rebound, chief executive Myles Lee said yesterday. "We see quite a lot of opportunities coming across our desks at the moment," Mr Lee said in an interview at Bloomberg's headquarters in New York.

"We still have quite a bit of firepower in our balance sheet." CRH has completed about €400m of takeovers this year and may boost spending to between €1bn and €1.5bn if opportunities with "good value" emerge, he added.

Citigroup raises Smurfit target

CITIGROUP has raised its share price target for Smurfit Kappa to €12 from €9 as a result of the Irish packaging group's previously announced acquisition of a US business that operates primarily in Mexico.

Citi said that though the acquisition is relatively small, it will improve Smurfit Kappa's position as a premier Latin American producer and offers exposure to the high-growth Mexican market.

Hike in travellers to US expected

AN increase in the number of people travelling between the United States and Ireland is expected next year, according to the Dublin Airport Authority.

It said that capacity on transatlantic routes at Dublin and Shannon will increase by almost 270,000 seats, which would represent a 20pc rise on 2012.

Vico Capital asks to be struck off

VICO Capital, the company of one-time property billionaires Brian and Mary Patricia O'Donnell, has asked to be voluntarily struck off the register of companies.

In a filing, the company, where the couple have been replaced as directors by sons Blake and Bruce O'Donnell, states that the firm's debts are now less than €150 and its assets are virtually worthless, again at less than €150.

EasyJet posts 28pc profit rise

BRITISH low-cost airline easyJet yesterday posted a 28pc rise in full-year profit. It was helped by a surge in late-summer demand and the fact that it bucked tough conditions elsewhere in the airline sector. Europe's second-largest budget airline after Ryanair reported a pre-tax profit of £317m (€394m) on revenues 11.6pc higher at £3.85bn for the year to the end of September.

Irish Independent

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