Cevian builds CRH stake

Swedish activist fund Cevian has bought further shares in CRH in less than a fortnight. The fund now holds a 3.145 per cent stake in the Ireland-based building materials producer.

Cevian first purchased shares in CRH in February, calling for a simplification of the business, but has since appeared more supportive of the management.

"When this [coronavirus outbreak] passes, CRH's fundamentals will still be strong, and the business well positioned to benefit from increased public construction spending," Cevian Capital Managing Partner, Christer Gardell told Reuters.

Following a peak of over EUR36 last month, CRH stock halved with the outbreak of the COVID-19 crisis. Shares closed last week at EUR23.20.