Construction News

15/01/2009

CRH Pulls Out Of Paving Takeover

An major Irish building material group has backed out of a much-mooted takeover of a paving stone manufacturer.

CRH has revealed that its planned acquisition of Pavestone Group LP would not go ahead.

Releasing a joint statement with Pavestone, CRH confirmed it had withdrew the Hart-Scott-Rodino (HSR) filing for the takeover.

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CRH said the move was prompted by the United States Federal Trade Commission's (FTC) decision to authorise FTC staff to challenge the proposed acquisition.

"CRH and Pavestone regret that as a result the transaction will not now proceed," a spokesman for the group said.

Details of the proposed Pavestone acquisition were announced in mid-March last year.

Completion was subject to regulatory approvals, which included clearance under United States HSR legislation.

(PR/BMcC)

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