CRH not making bid for South Africa's PPC

Irish building materials group CRH has decided not to bid for PPC, the South African rival revealed on Thursday.

Last month, CRH made an undisclosed cash bid for PPC and had been given time for due diligence and to submit an updated bid.

“Following receipt of CRH's initial expression of interest, the independent board of PPC permitted CRH to conduct an initial due diligence of PPC in order that it may submit, should it resolve to do so, an updated expression of interest to PPC, which would include a value per share for PPC.

“PPC shareholders are advised that on 4 December 2017, CRH formally advised PPC that CRH has decided not to submit an updated expression of interest and therefore considers it appropriate to withdraw from the independent board's process.”

At 0930 GMT, CRH shares were up 1.7% to 2,624p.