Building materials group CRH says it is contesting a move by Semapa, its joint venture partner in Portuguese cement maker Secil, to try to buy CRH's shares in the business.
CRH acquired a 49% stake in Secil, giving it joint management control, in June 2004 for €429m. Semapa has 51% of the voting rights in the company.
Semapa said yesterday that it started the process of valuing Secil with a view to buying all of CRH's shares.
But CRH said today that it did not accept that the two companies' shareholders' agreement gave Semapa the right to start these procedures. It is referring the issue to the International Chamber of Commerce in Paris for arbitration.
'CRH has confidence in the arbitration process and believes that its position will be vindicated,' it said.
