The Austrian company, Wienerberger Baustoffindustrie, has agreed to sell its 29.8 per cent stake in Ibstock, the British brick manufacturer, to CRH, for £97 million sterling (#137 million) or 70p per share. Earlier this month CRH made an offer of 70p sterling per share, for the outstanding shares it did not own in Ibstock. This followed the market raid by CRH last month when it purchased 50.7 per cent of Ibstock. CRH now has a holding of 80.5 per cent and the offer for the remaining shares remains open until January 28th. The Austrian company is understood to have been gearing itself to make a bid for the outstanding shares in Ibstock, but it was isolated by the CRH move; it then had little option but to accept the CRH offer. CRH also announced yesterday it spent a record £473 million (#600 million) on acquisitions and developments during 1998. Announcing a range of development initiatives totalling £118.5 million in the second half of 1998, CRH said this year it would spend £100 million to £300 million on add-ons. The £473 million includes the acquisition of the 50.7 per cent stake in Ibstock, the takeover of Prefaest and Raboni, and the purchase of a further 47 per cent of Holding Cement Polski. Around £70 million of the £118.5 million was spent in Europe, £41.8 million went on operations in North America, while £6.4 million was spent in South America.

In Ireland, Clogrennane Lime commenced the installation of a lime kiln in Co Carlow at a cost of £3.5 million. The Clay Products Group acquired a 65 per cent shareholding in Patoka Industries based in Poland and the remaining 50 per cent of AKA Ziegelwerke in Germany. The Rooflight & Ventilation Group acquired Gresch, a major manufacturer and installer of dome lights in Germany. In North America, Oldcastle Materials Group acquired Ryan Readymix, based in Connecticut. Another acquisition was Hills Materials, an asphalt contractor, based in Rapid City, South Dakota. And Tilson's Prospect Park quarry in New Jersey installed a replacement crushing plant.