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Wednesday, 29 August 2007

CRH Could Bid For Tarmac



The Telegraph reports that CRH, one of the world's biggest suppliers of building materials, could bid for British rival Tarmac, which was put up for sale this month by miner Anglo-American.

Speaking as the company reported bumper interim results, finance director Myles Lee said: "I think you can take it that most of the major participants will be looking at the target opportunity and we will be doing likewise."

CRH has yet to hire bankers to look at Tarmac and may consider a bid using its own in-house corporate finance team.

Harry Goad, analyst at Credit Suisse, said: "Although at the speculated price of £3 billion, Tarmac would be CRH's largest ever transaction by a considerable distance, the company is keen to stress that it has both the financial and management capacity to make such purchases if it feels the investment opportunity is correct."

Tarmac is one of the few remaining UK building materials companies, after its biggest rival Hanson was taken over this year by Germany's HeidelbergCement in an £8 billion deal

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