Ireland: Ireland-based building materials group CRH will sell its clay brickwork division for up to Euro760m in order to bid for cement assets that are to be sold as part of the LafargeHolcim mega-merger. London-based sources have said that the Dublin-based company had hired bankers from JP Morgan to find a buyer for the division.
CRH is believed to be interested in all of the assets Lafarge and Holcim have up for sale, including subsidiaries in Canada and Brazil. LafargeTarmac, the largest cement maker in the neighbouring UK, is also up for sale as part of the LafargeHolcim divestment package. There are Euro5bn of assets for sale in total.
The disposal could be one of the first big changes by CRH's new chief executive, Albert Manifold. He was promoted in January 2014 after the retirement of Myles Lee, who had spent 32 years at the company. Several private equity firms are thought to be interested in the clay brick division. Bankers said that it was likely to fetch Euro630-760m.
