CRH reportedly to take part in preliminary bidding for South Korean producer

CRH announced it will take part in the preliminary bidding for Tongyang Cement scheduled on the 12 June after selecting Goldman Sachs as an underwriter, according to local press reports citing investment bank sources.

Tongyang Cement was put on the market in early April after its parent group was liquidated. The 74.1-per cent stake held by Tongyang Corp. and Tongyang International is estimated at KWR400-600bn (US$360-540m) Tongyang Cement is ranked second on the domestic the cement market. (Source: Korea Economic Daily).