CRH shares slip on mega-deal talk

CRH shares slipped yesterday despite the Irish building materials giant being linked to another mega-deal which could significantly enhance its growth in the US.

Bloomberg reported over the weekend that CRH is nearing agreement to buy Florida-based cement producer Suwannee American Cement from its joint owners — US-based road builder Anderson Columbia and Brazilian cement maker Votorantim Cimentos — for an estimated $750m (€640m). Suwannee operates from one plant in Florida with production capacity of around one million tonnes.

While the report suggested talks are at an advanced stage — and that an announcement could be made as early as this week — it said any transaction could be delayed or even collapse.