Builders cement Net deal for online market

Some of Europe's top construction firms have teamed up to back a new venture which will create an internet marketplace for building materials.

Aggregate Industries, Alfred McAlpine, BPB, Pilkington and RMC have each taken an undisclosed, but not equal, stake in a specially-formed company, which has been named Mercadium. The online exchange, to be launched later this year, will allow companies to buy and sell products at reduced costs.

Emma Welsh, one of Mercadium's independent directors and a former commodities trader, said: "Mercadium allows old economy companies to jointly benefit from the most recent technological advances, and reap the resulting efficiency gains."