CRH reported that Portuguese conglomerate Semapa will acquire the company’s stake in their cement and ready mixed concrete joint venture Secil next month.
In August last year an Arbitral Tribunal in Paris, functioning under the Rules of Arbitration of the International Chamber of Commerce (ICC), decided that CRH and Semapa were obliged to complete the sale and purchase of CRH’s 49% shareholding in Secil at an equity price of EUR574m.
In accordance with this ruling, Semapa has notified CRH of its intention to acquire the Secil shares held by CRH on 15 May 2012 on the terms set out in the ICC award.
CRH acquired a 49% shareholding in Secil, with joint management control, in June 2004 for an equity consideration of EUR329m plus a share of net debt at acquisition of approximately EUR100m.
