By John Revill
ZURICH--Construction materials group CRH Ltd (CRH) expects to
receive regulatory decisions on a 6.5-billion-euro ($7.31-billion)
purchase Holcim Ltd. (HOLN.VX) and Lafarge SA (LG.FR) operations as
soon as next month, the Irish company's chief executive said
Thursday.
Earlier this month, Dublin-based CRH agreed to buy operations
from the two cement giants, which are finalizing a $47 billion
union, in Canada, Europe, Brazil and the Philippines. CRH recently
raised EUR1.6 billion in a share offering to help pay for the
acquisition.
CRH Chief Executive Albert Manifold said the acquired facilities
would help CRH expand in both North America and Europe, where it
sees opportunities to expand its business.
"There are significant building needs and funding going to
countries like Poland, Slovakia and Romania," Mr. Manifold said. He
said construction growth in those countries could be as high as 4%
annually over the next 10 years.
Mr. Manifold, who was speaking after CRH reported 2014 earnings
that beat analyst forecasts in 2014, said the company had already
begun discussions with regulators in the various markets and
expected decisions in March and April. The acquisitions require the
approval of CRH shareholders and an extraordinary shareholders
meeting has been scheduled for March 19.
Mr. Manifold said his company would continue to trim its
portfolio, as well as make further acquisitions, in 2015. The
company has already agreed to sell plants and businesses worth
about EUR580 million.
During 2014, CRH spent EUR190 million on 21 acquisitions and
would continue to be active in M&A, particularly in North
America.
"Expect that level to continue," he said.
Write to John Revill at john.revill@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires