CRH has launched a EUR340m friendly bid for Swiss building materials and distribution group Getaz Romang in a strategic move that will more than double to c. EUR1bn the group’s turnover in that market.
The board of publicly- listed Getez Romang said it will support the public tender offer, while CRH has also negotiated a sale and purchase arrangement with two shareholders who together own 23.6 per cent of the stock.
One of these is the Swiss group’s current chief executive Jean-Jacques Miauton who will be staying on the board once CRH has taken control.
Getaz Romang trades mainly in the French speaking part of western Switzerland, and is especially well represented in and around Geneva.
CRH’s existing builders’ merchanting operations (Richner and BauBedarf) in that market are based in the German speaking area to the north and east of the country.
As such, the acquisition ought to be a good fit for CRH, driving integration synergies through the creation of Switzerland’s biggest distributor of building products.