CRH prepares for final phase of €1bn share buyback
Company has returned €800m to shareholders in first three phases
Photograph: Brenda Fitzsimons
CRH is set to implement the fourth phase of its €1 billion share buyback, after completing the third phase of the programme on December 21st.
The firm, which is the largest on Ireland’s Iseq index, said it had repurchased 4.1 million ordinary shares on the London Stock Exchange between November 27th and December 21st. The buyback raised €100 million, bringing the total value returned to shareholders to €800 million.
CRH announced in April it would repurchase up to €1 billion of its stock over a 12-month period to take advantage of the fact that the shares were trading at a discount to what the board believes to be their real value.
The plan to repurchase up to 10 per cent of the company’s ordinary shares was subsequently approved by shareholders at an annual general meeting.
CRH is now looking to the final phase of the programme, which begins on January 2nd and will run until March 29th. The company said it had an arrangement with UBS to repurchase €200 million in ordinary shares on CRH’s behalf, covering both the London Stock Exchange and Euronext Dublin.