In August 2011, an Arbitral Tribunal in Paris, functioning under the Rules of Arbitration of the International Chamber of Commerce (ICC), found that CRH and Semapa (SGPS, S.A.) were obliged to complete the sale and purchase of CRH's 49% shareholding in Secil at an equity price of €574 million.
Semapa has now notified CRH of its intention to acquire its stake in the Portuguese cement manufacturer. The share acquisition is due to occur on 15 May 2012, according to the terms set out in the ICC award.
Ireland-based international building materials group, CRH, had previously acquired a 49% shareholding with joint management control in Secil in June 2004, for an equity consideration of €329 million plus share of net debt at acquisition of approximately €100 million.
Adapted from press release by Louise Fordham.