CRH acquisition ready for takeoff: A$2.1 billion deal strengthens presence in Australia – CRH (NYSE:CRH)

CRH limited liability company CRH on Friday, the company’s shares are losing. The company revealed that Adbri’s independent shareholders have approved the takeover plan of CRH and Barro Group to acquire Adbri Ltd.

Consent was granted at the Program Meeting on June 12, 2024 and received the consent of the Court on June 14, 2024.

Under the approved Program, CRH will purchase the remaining 57% of Adbri’s ordinary shares not held by Barro for A$3.20 per share in cash.

In December 2023, the company, together with the Barro Group, disclosed the acquisition of Adbri at an equity valuation of $1.4 billion (S$2.1 billion) at 100%.

The transaction values ​​53% of the issued share capital, in which Partners Barro and CRH currently have no shares and which CRH has agreed to acquire for USD 0.75 billion (S$1.1 billion).

Once approval from the Foreign Investment Review Board (FIRB) has been obtained, all conditions for the transaction have been met. According to the current schedule, the transaction is expected to close on July 1, 2024.

Albert Manifold, CEO of CRH, said: “Adbri is an attractive business with high-quality assets and a leading market position that complements our core competencies in cement, concrete and aggregates, while creating additional growth and development opportunities for our existing Australian business. “

CRH ended Q1FY24 with $3.3 billion in cash and cash equivalents and $3.8 billion in undrawn committed credit facilities available through May 2029.

Investors can gain exposure to stocks through Invesco Budownictwo ETF GDP AND Fidelity MSCI Materials Index ETF FMAT.

Reduction: CRH shares fell 2.03% at $77.60 before the open of trading on Friday.

Reservation: This content was created in part using AI tools and reviewed and published by Benzinga editors.

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