(CercleFinance.com) – Saint-Gobain confirmed on Wednesday that it was in ‘advanced talks’ with a view to acquiring Australian construction materials manufacturer CSR.
The French group indicates that it has approached the company’s board of directors with a non-binding indicative offer based on a price of nine Australian dollars per share, to be paid in cash.
Listed on the Australian Stock Exchange, CSR shares closed up 17% to almost eight dollars this Wednesday in the wake of information from Bloomberg according to which Saint-Gobain was considering presenting a purchase offer.
In a press release, Saint-Gobain believes that a combination with CSR would be ‘attractive’ for both groups, recalling their long-standing partnership and their two similar business models.
He specifies that his offer remains subject to confirmatory financial due diligence and the signing of the definitive legal documentation relating to the transaction.
On the ASX (Australian Stock Exchange) market, CSR currently has a market capitalization of around 3.2 billion Australian dollars, or nearly two billion euros.
In Paris, Saint-Gobain shares fell 1.3% following this announcement, marking one of the most notable declines in the CAC 40 index on Wednesday morning.
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