The Supreme Court of Ukraine has upheld the Antimonopoly Committee of Ukraine’s (AMCU) approval of CRH’s acquisition of two cement plants from Italy’s Buzzi for EUR100m, dismissing a cassation appeal filed by Industrial and Construction Group Kovalska LLC.
The case centred on CRH, a global leader in building materials headquartered in Ireland, which completed the acquisition of Buzzi’s Dyckerhoff group of companies in Ukraine in late 2024. The transaction included Volyn-Cement in Zdolbuniv (Rivne region) and Pivden Cement (Mykolaive) in Olshanske (Mykolaiv region). As part of the deal, CRH was required to bring in an independent investor for 25–28 per cent of the shares. In mid-2025, Irish company Divinereach Ltd, controlled by the O’Reilly family, acquired a 25 per cent stake.
Kovalska, Ukraine’s largest concrete producer, challenged the deal twice. It first sought to be recognised as a third party in AMCU proceedings and later demanded cancellation of the regulator’s approval. Although the Kyiv Commercial Court initially sided with Kovalska in 2024, the Court of Appeal reversed the decision in June 2025.
On 11 September 2025, the Supreme Court issued its final verdict, confirming AMCU’s decision and securing CRH’s position in Ukraine’s cement market.
