Grafton makes €20m Belgian buy

Grafton said yesterday it has agreed to buy Belgian merchanting business for €20.5m (£17.4m) as it looks to expand its foothold in Europe. The building supplies group, which changed its primary listing from Dublin to London last week, has made around five acquisitions in Belgium over the last 18 months and runs the business there in joint venture with a local partner. It expects to complete the acquisition of Binje Ackerman in the first quarter of next year.