AEV-CRH group gains 99% control of Lafarge Republic

THE CONSORTIUM of Aboitiz Equity Ventures and British firm CRH Holdings gained 99.09 percent control of local cement firm Lafarge Republic Inc. (LRI) after a mandatory tender offer to minority shareholders.

AEV disclosed to the Philippine Stock Exchange on Monday that the consortium’s joint venture firm AEV CRH Holdings Inc. had accepted from the public a total of 596.49 million shares representing 10.24 percent of the outstanding shares of LRI following the conclusion of the mandatory tender offer period on Sept. 9.

Prior to the tender offer, 88.85 percent of LRI had been committed for sale to the CRH-LRI group by LRI’s principal shareholders.

After it acquires control of LRI, the consortium intends to apply for voluntarily delisting of the LRI shares from the PSE.