Ireland’s CRH gets 94 per cent rights issue acceptances

Ireland’s CRH gets 94 per cent rights issue acceptances
Published: 20 March 2009

CRH said on Thursday that around 94 per cent of eligible shareholders have accepted the company’s 2-for-7 rights issue offer.

The Irish company raised EUR1.28bn (US$1.73bn) in the fully underwritten issue, giving it ammunition for acquisition opportunities created by a squeeze on rivals in the sector.

’The takeup is very encouraging. It’s a vindication of the company’s strategy. They have the war chest now so we would expect to see them buy a couple of long-term assets at discounted prices,’ said one Dublin-based dealer.

Shares in CRH, Ireland’s largest listed company with a market value of around EUR8.5bn, were up 0.45 per cent at EUR16 in early trade.