Philippines: AEV, CRH in deal to acquire stakes in LRI's units

Aboitiz Equity Ventures (AEV) of the Philippines and 723 CRH of Ireland are reported to have widened their ties with 725 Lafarge Republic (LRI) in a deal that involves interests in another two of the listed cement manufacturer's assets.

The companies have inked the revised investment deals that involve the stake acquisitions in the subsidiaries of LRI, which are Lafarge Mindanao and Lafarge Iligan.

The transaction will likely be completed within July-December 2015.

According to AEV, Lafarge Mindanao and Lafarge Iligan will continue to be LRI's units.

In August 2015, the major shareholders of LRI came to an agreement to include the two units to the assets to be purchased by CRH, which has since become a partner of AEV. LRI chose not to dispose the assets to 680 Holcim Philippines as intended earlier and has agreed to the offer made by the latter for its aggregates business and terminal at Manila's Harbour Centre.