CRH cease trading on the Irish Stock Exchange

SHARES in building materials giant CRH ceased trading on the Irish Stock Exchange this week.

Headquarters at Belgard Castle, the group said in a statement that its shares will be delisted from Euronext Dublin.

The company decided earlier this year to shift its primary listing to New York and also opted for a secondary listing in London.

CRH shareholders approved the move from Dublin to Wall Street at an EGM in June.

CRH is the largest building materials supplier in the US and generated about 75 per cent of its core earnings there last year.

The company’s chief executive Albert Manifold said the move would help CRH benefit from large US government spending programmes and open up tax advantages in future mergers and acquisitions, helping it achieve a “higher vector of growth”.

“We see significant benefits by representing ourselves to be truly an American company,” Albert Manifold said at the EGM in June.

“This leaves us at last on a level playing field with our competitors over there in what is a very competitive market,” he added.

Flutter Entertainment, the owner of Betfair and Paddy Power, may follow CRH from Dublin to Wall Street after a majority of its investors backed its plan to list in New York as it pursues a wider investor base.

Flutter has not yet committed to the move, but it is viewed as an inevitability at some point.

Meanwhile, earlier this month paper and packaging giant Smurfit Kappa confirmed that talks with US company WestRock had yielded a deal that would see the companies combining to create a €18.8bn paper and packaging giant.

The merged entity, Smurfit WestRock, would continue to be headquartered here but it would be listed on the New York Stock Exchange (NYSE) and Smurfit Kappa’s shares will be delisted from the Dublin market.

For full access to all content on Echo.ie and to support the continuation of local news and local journalism in your community subscribe HERE.

Thanks for your ongoing support.