Business Irish

Saturday 7 December 2019

CRH in running for €545m of US assets

Heidelberg Cement has drawn up a preliminary short list of bidders for $1bn of assets owned by Italcementi that must be sold to meet conditions of a planned takeover, according to sources familiar with the matter.

Bidders selected to do due diligence for the US assets, valued at around $600m, include Ireland's CRH and Summit Materials.

Cimsa Cimento Sanayi, owned by Turkey's Haci Omer Sabanci Holding, and Italy's Cementir are in the running for the Belgian assets, the source said.

Heidelberg Cement agreed in July to acquire an initial 45pc stake in Italcementi in a deal valuing business at €3.7bn. The move to create the world's second-biggest maker of the building material was designed to counter the creation of larger competitor, LafargeHolcim, and to boost expansion in southern Europe and Africa.

The Pesenti family, which has run Italcementi for more than 150 years, will keep a 5.3pc stake in HeidelbergCement following the deal.

Selling assets is a condition of European Commission approval secured in May. (Bloomberg)

Irish Independent

Also in Business