Pent up Demand21 Jul 2022 18:08
Activist Cevian increases CRH stake to 4%
Thu, 30th Jun 2022 17:00
DUBLIN, June 30 (Reuters) - Activist investor Cevian Capital said on Friday it had increased its stake in Ireland's CRH to 4%, with its managing partner saying he saw pent-up demand for the company's products overcoming near-term "cyclical uncertainty".
The stake in the building materials firm, the second largest after Blackrock Inc, was up from 3.6% disclosed in March.
"Despite improved performance over the last few years, CRH is today valued at a record discount to its peers" but has "strong fundamentals", Cevian Capital managing partner Christer Gardell said in an emailed statement. (Writing by Conor Humphries Editing by Mark Potter)