Shareholders at CRH, the world’s largest building materials group, have approved plans to move its primary listing to New York from London, making it the latest high-profile name to switch across the Atlantic.
The decision, approved by more than 95 per cent of shareholders at an extraordinary general meeting, reflects the fact that 75 per cent of the Irish firm’s ebitda comes from North America. Its shares will begin trading in New York on September 25.
Analysts say a US listing will boost its valuation because CRH trades at a discount to US peers. The acquisitive group believes a New York listing will also boost its ability to bid for US infrastructure contracts and takeover targets.
