Davy Research

CRH

Withdraws interest in PPC; better signs in the Philippines
Building Materials
CRH

DAVY VIEW

Not surprisingly CRH has ended its interest in acquiring the South African cement producer PPC. The group’s stated priority is its developed end-markets so we always viewed PPC as a low probability deal which fitted into the “we look at all opportunities” category. Meanwhile, some small relief may be on its way in the Philippines. The import threat may soon be reduced by new import controls coming into place, while Vietnamese producers are becoming less competitive due to power price hikes.

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  • RATINGS AND PRICE CORRECT AT TIME OF ISSUE


  • CRH

    Closing Price: 2930c

  • RATING 23/05/12

  • PREVIOUS RATING 12/01/12

    Neutral

Analyst(S)

COMPANY DATA

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