CRH begins second phase of EUR 1bn share buyback

CRH announced the second phase of its share buyback programme on Wednesday, having already completed the first phase on 31 July, under which €350m of cash was returned to shareholders.

The FTSE 100 firm had announced its intention to repurchase ordinary shares of up to €1bn over 12 months on 25 April.

It said it had now entered into arrangements with UBS to repurchase ordinary shares on its behalf for a maximum consideration of €350m for the second phase, to commence on Wednesday and end no later than 19 November.

Under the terms of the programme, ordinary shares would be repurchased on the London Stock Exchange and Euronext Dublin.

CRH said it had entered into non-discretionary instructions with UBS to conduct the programme on its behalf, and to make trading decisions under the programme independently of CRH in accordance with certain pre-set parameters.

“The repurchased ordinary shares will be held in treasury pending their cancellation or re-issue in due course,” the CRH boards said in its statement.