Cemex in Talks to Offload US European Assets

Cemex is in talks with Irish building materials firm CRH to sell a portfolio of assets worth $3.5bn-$4.5bn, it said in a filing with Mexico’s stock market. The package includes Florida and Arizona operations which Cemex was ordered by the US government to divest as a result of its acquisition of Australia’s Rinker Group, as well as certain businesses and plants in the US, Spain, Austria and Hungary. The transaction is subject to shareholder and regulatory approval. Citigroup, Merrill Lynch and Morgan Stanley are advising.