Cement takeover now looks unlikely

Cement takeover now looks unlikely
Published: 01 January 2007

CRH’s protracted battle to take over Spanish cement maker Uniland appears to be doomed after a Barcelona court rejected the Irish multinational’s claims that it had rights to buy a controlling stake in the company.

CRH acquired a 26.3% stake in Uniland by stumping up E300m (Pounds 210m) late last year to buy three Spanish holding companies whose main assets were shares in the Catalan cement group.

In June the other Catalan shareholders in the company sold 51% of the company to a unit of Madrid-listed FCC. CRH believed it had pre-emptive rights over these shares and has been trying to set the FCC share deal aside.

CRH said that it was continuing to wait for a final decision from the Barcelona Mercantile Court, which it expects in February.

"CRH will continue to protect its interests and opportunities in Uniland," it said.