CRH and LafargeHolcim contest price of 2015 deal
Published by Joseph Green,
Editor
World Cement,
Reuters are reporting that CRH and LafargeHolcim are contesting the final price of CRH's acquisition of assets from the Swiss-French company.
CRH agreed to buy the assets for €6.5 billion (£5.1 billion) in February of 2015 after they were put up for sale so that Holcim and Lafarge could separately get antitrust clearance to create the world's biggest cement company.
"LafargeHolcim has received from CRH several notices claiming a reduction of the purchase price. LafargeHolcim is contesting those claims," the Swiss-French company said in its annual report.
CRH said in its annual report that it was engaged in a process to finalise the post-completion consideration that was "not sufficiently advanced to make a financial adjustment in respect of the final purchase price".
The deal closed at the end of July and the final assets moved to CRH in September, transforming the Irish company into the world's third-biggest building materials supplier and helping increase its 2015 earnings by 35%.
Edited from source by Joseph Green. Source: Reuters
Read the article online at: https://www.worldcement.com/europe-cis/21032016/crh-lafargeholcim-contest-price-deal-736/
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