STOCKHOLM, March 25 (Reuters) - Activist investor Cevian Capital has continued to increase its stake in Ireland’s CRH over the past week, according to a disclosure notice on Tuesday evening, as the coronavirus outbreak and the following stockmarket turmoil has weighed on the stock.
Cevian now owns 3.51% in the building materials firm, after disclosing a 3.14% stake as recently as last week.
“When this passes CRH’s fundamentals will still be strong, and the business well positioned to benefit from increased public construction spending which seems increasingly inevitable,” Cevian Capital managing partner Christer Gardell told Reuters.
The CRH share is down some 36% so far this year. (Reporting by Johannes Hellstrom; Editing by Simon Johnson)