Europe / Middle East / Africa
Semapa to buy CRH stake in joint venture Secil
Apr, 26 2012
(Ireand) -- Semapa has notified CRH of its intention to acquire CRH's 49 per cent holding in their Portuguese cement joint venture Secil for €574 million, CRH confirmed today.
An Arbitral Tribunal in Paris in August said CRH and Semapa, also based in Portugal, were obliged to complete the transaction at an equity price of €574 million.
Semapa has now notified CRH that it will comply with this ruling and acquire the Secil shares held by CRH on 15 May 2012 on the terms set out.
CRH said it acquired its shareholding with joint management control in Secil in June 2004 for an equity consideration of €329 million plus share of net debt at acquisition of approximately €100 million.
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