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CRH shareholders approve asset purchases from Lafarge, Holcim

Reuters - UK Focus

DUBLIN, March 19 (Reuters) - Shareholders at Ireland (Other OTC: IRLD - news) 's CRH approved a 6.5 billion euro ($6.93 billion) deal to buy assets from Lafarge (Paris: FR0000120537 - news) and Holcim (Other OTC: HCMLF - news) as their rivals scrambled to save a merger that the asset sales hinge on.

The Swiss and French cement makers agreed to sell the assets last month in order to win regulatory approval for a planned merger which Zurich-based Holcim halted on Monday over prices and management structure.

The Irish building supplies company has already raised 1.6 billion euros through an equity placing and held off on other acquisition opportunities to build up 2 billion euros of cash to help fund the deal. It plans to issue new debt to fund the rest. ($1 = 0.9378 euros) (Reporting by Padraic Halpin; editing by Jason Neely)