Portuguese industrial conglomerate Semapa has announced its intention to purchase the shares in cement manufacturer Secil held by Irish firm CRH, following a ruling by an Arbitral Tribunal in Paris, France, last year.
An argument erupted in 2009 between materials producer CRH and Semapa over the ownership of Portuguese cement manufacturer Secil.
Semapa has controlled Secil since the Portuguese government privatised the cement company in 1995. In 2004, CRH spent €429 million to acquire 45.126% of Secil's share capital and 49% of the company's voting rights. Semapa still controls 49.67% of the company's share capital and 51% of its voting rights and manages it as a joint venture with CRH.
In August last year, an Arbitral Tribunal in Paris, under the Rules of Arbitration of the International Chamber of Commerce (ICC), ruled that CRH and Semapa were obliged to complete the sale and purchase of CRH's 49% shareholding in Secil at an equity price of €574 million.
Semapa has now notified CRH of its intention to acquire the Secil shares held by CRH on 15 May, 2012, on the terms set out in the ICC award.