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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.
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)
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.
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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