33.41 0.00 (0.00%)
After hours: 4:17PM EDT
|Bid||33.38 x 1200|
|Ask||33.39 x 800|
|Day's Range||33.17 - 33.98|
|52 Week Range||24.62 - 36.01|
|Beta (3Y Monthly)||0.81|
|PE Ratio (TTM)||8.08|
|Forward Dividend & Yield||0.81 (2.44%)|
|1y Target Est||N/A|
(Bloomberg) -- Blackstone Group Inc. is nearing a deal for Irish cement maker CRH Plc’s European distribution arm, according to people familiar with the matter.A deal could be announced as soon as this week, said the people, who asked not to be identified as the information is private. CRH’s unit could fetch about 1.7 billion euros ($1.9 billion), they said.The U.S. buyout firm beat out other bidders, including Bain Capital and Lone Star Funds, the people said. The business sells products such as roof tiles, flooring and plumbing supplies for builders.Representatives for CRH, Blackstone and Lone Star declined to comment. A representative for Bain couldn’t immediately be reached.CRH, which has attracted the attention of activist investor Cevian Capital, said last year that it was weighing options for the European distribution unit, part of a more sweeping overhaul to generate cash for acquisitions.The division had earnings before interest, taxes, depreciation and amortization of 181 million euros in 2018, according to CRH’s latest annual financial report. The company divested 3 billion euros in assets last year, including its Americas distribution unit for 2.4 billion euros, the report said.(Updates with rival bidders in the third paragraph.)\--With assistance from Jan-Henrik Förster.To contact the reporters on this story: Aaron Kirchfeld in London at email@example.com;Sarah Syed in London at firstname.lastname@example.org;Dinesh Nair in London at email@example.comTo contact the editors responsible for this story: Aaron Kirchfeld at firstname.lastname@example.org, Amy Thomson, Sree Vidya BhaktavatsalamFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Irish building materials group CRH has had a lot of interest in its European distribution arm ahead of a decision in the next two to three months on whether to trigger a sale, Chief Executive Albert Manifold said on Thursday. Dublin-based CRH put the entire unit under review last year and Reuters reported on April 12 that CRH had hired Bank of America to launch the sale of the unit in a deal valuing the unit at about 2 billion euros (£1.7 billion) including debt. The sale process is expected to begin next month and has already drawn interest from buyout funds including Advent, Lone Star and CVC, sources familiar with the matter said.
The FTSE 100 index lost 0.7 percent on its worst day in a month, but the midcaps gained 0.4 percent with gold miner Centamin leading gains after a strong quarterly update. The blue chips, which had touched a near seven-month high in the last session, lagged European markets where strong earnings from the likes of SAP and Credit Suisse kept a lid on losses. Bellwethers Shell and BP dropped from multi-month highs as crude prices retreated after having jumped to their 2019 highs this week as the United States pushed to tighten sanctions against Iran.
Ireland's CRH announced an additional 350 million euros in share buybacks and forecast growth for the year after the building materials group reported a 7 percent rise in first-quarter sales on Wednesday. The world's second-biggest building materials supplier by market capitalisation launched its first share buyback programme in a decade last year and had completed the repurchase of 1 billion euros of shares by the end of March. The strong first quarter was driven by a 12 percent year-on-year increase in sales in its Europe Materials division, while sales in its Americas Materials and Building Products divisions rose by 4 and 5 percent, respectively.
LafargeHolcim, the world's largest cement maker, forecast sales growth of 3 to 5 percent in 2019, as engineering projects and demand for new housing fuelled by low interest rates shield the construction industry from economic downturn. Chief Executive Jan Jenisch said he expected the upswing LafargeHolcim enjoyed in the second half of 2018 to continue into 2019. "In building materials we are in a very resilient market segment, so even if there is a downturn globally....we will manage quite well because we are participating in local markets," Jenisch told journalists.
The FTSE 100 edged 0.1 percent lower, while the more domestically-focused FTSE 250, which benefits from a strong pound, was up 0.4 percent. Sterling held steady after strong comments on Brexit from European Council President Donald Tusk and as investors mulled a report that UK cabinet ministers had discussed plans that would potentially postpone Britain's exit from the bloc to May 24. The gains in sterling were enough to drag blue-chip exporter stocks such as Diageo, British American Tobacco and Reckitt Benckiser lower.
European shares were lower on Wednesday as weak results from banks, including BNP Paribas, and carmaker Daimler brought an end to the market's six-day rally. Europe's STOXX 600 fell 0.2 percent by 0909 GMT, with the index stalled near the more-than-two-month highs reached on Tuesday. "Investors looking towards the State of the Union address for a fresh trading catalyst were left disappointed," said Jasper Lawler, head of research at London Capital Group.
Activist investor Cevian Capital has built a stake in Ireland's CRH to become the heavy materials and building products group's second-largest owner, Cevian managing partner Christer Gardell told Reuters. CRH, which makes cement, aggregates and asphalt among a wide range of building products, is Cevian's second disclosed new investment since stock markets turned bearish in the second half of 2018, having announced a 2.3 percent holding in banking group Nordea in December. "We have actively taken advantage of the recent market turbulence to make a number of new investments and add to some existing holdings," Gardell said.
With CRH PLC (CRH) it's making a big mistake by continuing to discount the stock. CRH is an Irish manufacturer and distributor of a broad range building materials products and while construction materials remain a fundamental building blocks of our society, CRH is likely to continue growing, despite the short-term hiccup. Warning! GuruFocus has detected 2 Warning Sign with CRH.
According to the GuruFocus All-in-One Screener, the following companies with market caps over $5 billion look cheap since they are trading with low price-sales ratios. Warning! GuruFocus has detected 6 Warning Signs with SRCI. SRC Energy Inc. (SRCI) shares are trading around $5.24 with a price-sales ratio of 2.26 and a price-earnings ratio of 5.46.
With the third-quarter round of 13F filings behind us it is time to take a look at the stocks in which some of the best money managers in the world preferred to invest or sell heading into the fourth quarter. One of these stocks was Royal Caribbean Cruises Ltd. (NYSE:RCL). Royal Caribbean Cruises Ltd. (NYSE:RCL) […]
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