Ireland’s CRH to repurchase up to $1.1 billion shares

CRH, an Ireland-based building material manufacturer, intends to repurchase ordinary shares of up to 1 billion euros ($1.1 billion) over the next 12 months.

Having completed the first phase of its share buyback program, under which 350 million euros ($409.3 million) of cash was returned to shareholders, CRH entered into arrangements with London-based financial services company UBS to repurchase ordinary shares on its behalf for a maximum consideration of $408.9 million for the phase 2 program.

CRH has entered into non-discretionary instructions with UBS to conduct the phase 2 program on its behalf and to make trading decisions under the phase 2 program independently of CRH in accordance with certain pre-set parameters.

The phase 2 programme will end no later than 19 November 2018.