Building materials group CRH has lost out to the French company Ciments Francais in the bidding for a 25 per cent stake in Egypt's biggest cement company, Suez Cement.

A statement from Suez said that the offer of 51 Egyptian pounds a share was the "best bid". The offer values Suez Cement at almost #820 million (£646 million).

Ciments Francais and CRH were the only two companies to submit formal bids for the 25 per cent stake, as it had been stipulated that bidders could not already have a presence in Egypt's cement sector.