Ukraine Supreme Court to Hear CRH Ownership Challenge in September

A Ukrainian court has set September 11th as the start date for a challenge to CRH's ownership of a cement business in Ukraine. Local building materials player Kovalska is disputing the Anti-Monopolies Committee of Ukraine's decision to allow CRH buy Dyckerhoff, citing concerns over competition. CRH counters that the takeover met all conditions set by the AMCU and complied with the law and international best practice.

A Ukrainian court has set September 11th as the start date for a challenge to CRH's ownership of a cement business in Ukraine. Local building materials player Kovalska is disputing the Anti-Monopolies Committee of Ukraine's (AMCU) decision to allow CRH to buy Dyckerhoff, citing concerns over competition [1].

Kovalska maintains that CRH's purchase of Dyckerhoff gives the Irish group up to 46 per cent of the market for cement in Ukraine, which could potentially squeeze competition for a material for which demand is expected to soar. The country's supreme court will begin hearing the final round of the case on September 11th [1].

CRH has countered this, stating that its takeover of Dyckerhoff met all conditions set by the AMCU and complied with the law and international best practice. The Irish group sold 25 per cent of Dyckerhoff in June to Divinereach, a company controlled by Hyundai Ireland supremo Eugene O’Reilly and his family, as required by the AMCU [1].

The AMCU required CRH to offload the stake to an independent third party as a condition of allowing the Irish group to buy Dyckerhoff. The fact that Divinereach is a recently-registered Irish company with no visible connection to cement manufacture sparked concerns in Ukraine [1].

The Confederation of Builders of Ukraine, where Kovalska chief executive Sergii Pylypenko is a director, wrote recently to Tánaiste and Minister for Foreign Affairs Simon Harris, highlighting Divinereach's involvement. The organization's president, Lev Partskhaladze, sought more information about the company and pointed out that it had been registered only in March [1].

CRH reported a quarterly earnings miss with $1.94 earnings per share, falling short of analysts' estimates of $2.06, although its quarterly revenue grew by 5.7% year-over-year. The company declared a quarterly dividend of $0.37 per share, with a payout ratio of 23.22%, showcasing its commitment to returning value to shareholders [2].

Institutional investors and hedge funds have also shown interest in CRH. Hsbc Holdings PLC increased its stake in CRH by 100.2% during Q1, acquiring an additional 226,602 shares, bringing its total ownership to approximately 452,776 shares valued at $39.3 million [2]. Several other institutional investors and hedge funds have also modified their holdings of CRH.

Analysts have set various price targets for CRH, with two investment analysts rating the stock with a Strong Buy rating, nine issuing a Buy rating, and two assigning a Hold rating to the stock. The company presently has a consensus rating of "Buy" and a consensus target price of $114.64 [2].

References:
[1] https://www.irishtimes.com/business/2025/08/29/ukraine-court-sets-date-for-crh-challenge/
[2] https://www.marketbeat.com/instant-alerts/filing-hsbc-holdings-plc-purchases-226602-shares-of-crh-plc-crh-2025-08-23/