(Boursier.com) — Saint Gobain climbs 1% above 69 euros this Thursday, while the group confirmed studying an acquisition of the Australian CSR… The construction materials giant approached the Board of Directors of its target with an indicative offer non-binding via a “scheme of arrangement” at a price of 9 dollars per security in cash. Saint-Gobain’s offer is subject to confirmatory due diligence and the signing of definitive legal documentation relating to the transaction, which will be subject to the satisfaction of customary conditions including regulatory authorizations and shareholder approval. CSR.
Saint-Gobain believes that a combination with CSR would be attractive to both groups, leveraging their long-standing partnership with similar business models, cultural proximity and development opportunities. This acquisition would be fully aligned with Saint-Gobain’s strategy as a global leader in sustainable construction and an opportunity to enter the Australian market.
The CSR board announced that it had unanimously decided to proceed with the offer at the agreed price of AUD 9 per share, subject to the conclusion of legal documentation relating to the transaction. Saint-Gobain is currently finalizing its confirmatory due diligence. No transaction is assured at this stage and Saint-Gobain will keep the market informed of the progress of the transaction in accordance with applicable rules…
For Stifel, “the strategic fit would make a lot of sense, while the acquisition would be “small”, given the size of Saint Gobain and its solid balance sheet. Complementary geographically, the operation would also strengthen its “new “strategy around sustainable construction” Enough to aim for a price of 80 euros while remaining on the purchase file.
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