Irish building materials group CRH is teaming up with Philippine conglomerate Aboitiz Equity Ventures to acquire Lafarge's local cement operations.

Aboitiz, which has investments in power generation and banking, said it was in exclusive talks with CRH to acquire four cement manufacturing plants on the main Luzon island and a plant in central Cebu province as well as associated limestone quarries.

A conclusion of the deal will be subject to completion of the merger between Lafarge and Holcim and approval by the boards of both Aboitiz and CRH, the Philippine company told Manila's stock exchange.

Reuters