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CRH EGM goes ahead under Lafarge/Holcim deal cloud

Reuters - UK Focus

DUBLIN, March 19 (Reuters) - Irish cement firm CRH began on Thursday its EGM to approve the purchase of assets to be spun off from the planned merger of industry giants Lafarge (Paris: FR0000120537 - news) and Holcim (Other OTC: HCMLF - news) even though the deal to create the industry leader still hangs in the balance.

CRH (NYSE: CRH - news) has agreed to buy a chunk of European assets from the pairing to help them get antitrust clearance.

Holcim has called a halt to the deal saying it wants to change the share exchange ratio and has problems with proposed governance. The companies are discussing a new leadership for the combined group which would give Lafarge's boss Bruno Lafont a lesser role, sources familiar with the matter said on Wednesday. (Reporting by Padraic Halpin; editing by Mark John)