IBSTOCK, the British building materials group, now controlled by CRH, has disposed of its remaining Portuguese interests for £21.6 million sterling (€31.5 million). The sale was set in train before CRH's involvement but Mr Myles Lee, CRH's general manager (finance), said his group agreed with Ibstock's decision to sell. No further sales of Ibstock's companies were contemplated, he added.

Ibstock said the proceeds from the sale of its holding in building materials firm Caima Ceramica e Servicos SGPS, a building materials and sanitary-ware producer, to two mangers of the Portuguese company will be applied to debt reduction. The Portuguese company made only a small contribution to Ibstock's profits. The sale follows the disposal of its stake in the Caima forestry and pulp company last June. The sale of Caima Ceramica is conditional on the de-listing of Ibstock shares, planned for next month.

CRH two weeks ago announced it had 98.1 per cent of Ibstock following the launch of an agreed takeover bid last year. This has been further increased and it has sufficient acceptances to acquire compulsorily the remainder. The compulsory acquisition route is not expected for a couple of weeks.

The proposed sale of CRH's Keyline merchanting business in Britain is progressing. A memorandum has been sent to seven interested parties which indicated an interest in making an acquisition. No time-scale has been placed on the sale but a firm decision could be made between May to June. Keyline is expected to realise more than £200 million sterling (€292 million).