CRH cleared to buy European divestment assets

Irish group receives European Commission approval to acquire Lafarge and Holcim divestment assets

THE European Commission’s has approved Dublin-based international building materials group CRH as a suitable purchaser of the assets to be divested by Lafarge and Holcim in the European Union, as a necessary requirement of their proposed merger of equals.

The divestments in question, which remain subject to the completion of the merger, including a successful public exchange offering to Lafarge’s shareholders and approval by Holcim’s shareholders, are as follows:

• UK: Lafarge Tarmac’s assets, with the exception of their Cauldon and Cookstown plants and certain associated assets
• France: in metropolitan France, all of Holcim’s assets, except for their Altkirch cement plant and aggregates and ready-mixed concrete sites in the Haut-Rhin region, and a grinding station of Lafarge in Saint-Nazaire; and Lafarge’s assets on Reunion island, except for their shareholding in Ciments de Bourbon
• Germany: Lafarge’s assets
• Hungary: Holcim’s operating assets
• Romania: Lafarge’s assets
• Slovakia: Holcim’s assets

Lafarge and Holcim say the divestment process will be carried out within the framework of the relevant social processes and the ongoing dialogue with the employee representatives’ bodies.

Meanwhile, CRH have announced that group finance director Maeve Canton is to assume a new strategic function as global group transformation director, commencing 1 January 2016.

In this new role Maeve will identify and implement the optimum financial and business model for the group in the years ahead, and drive improved shareholder returns by identifying further synergies, efficiencies and cash-generation opportunities as CRH continues to grow and acquire new businesses.

As global transformation director, she will report to, and work closely with, group chief executive Albert Manifold, and will continue to contribute directly to the board as an executive director.

Mr Manifold, said: ‘This is a key role for the future of CRH at a time of change. Maeve’s experience and insight into the structures and operations of CRH are invaluable at this time of transformation.’

A new group finance director is expected to be appointed by the end of the year. In the meantime, Maeve will continue in this role until her replacement has been appointed, supporting an effective transition process.