Cevian, a Swedish activist fund, has moved for the second time in less than a fortnight to increase its stake in CRH, the Irish building material group.
Cevian now holds a 3.5% stake in CRH, following share purchases earlier this week. The fund brought its stake past the 3% notification mark on March 16, declaring a 3.145% stake.
Cevian first bought shares in CRH in February 2019, calling for a simplification of the business, which has cement and building products divisions in American and Europe. It seems to have since become more supportive of management, led by chief executive Albert Manifold.
“When this [coronavirus outbreak] passes, CRH’s fundamentals will still be strong, and the business well positioned to benefit from increased public construction spending,” Cevian
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