The two parties are now obliged to complete the sale and allow the purchase of CRH's shareholding in Secil at an equity price of 鈧�574m (拢505m) in 180 business days.
Buildings materials group CRH and Semapa have been in dispute over their Secil joint venture since October 2009. Semapa had sought to exercise a call option over CRH鈥檚 share of the joint venture.
Arbitration between the two parties culminated in a decision and award by a tribunal in Paris. The tribunal concluded in its award that, while both parties breached provisions of the JV shareholders agreement, Semapa's exercise of a call option for the purchase of CRH's 49% shareholding in Secil is valid.
The tribunal dismissed claims by Semapa for compensation.
CRH had acquired the 49% shareholding with joint management control in Secil in June 2004 for an equity consideration of 鈧�329 million plus a share of net debt at acquisition of approximately 鈧�100 million.
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