Australia's Adbri firms as Jarden, Morgan Stanley raise PT

Adbri

19/12/2023 03:15

(Updates with comments from Morgan Stanley)
    ** Analysts at Jarden and Morgan Stanley raise price target
on Australia's Adbri  ABC.AX  to A$3.20 from A$2.30
    ** Adbri shares rise 0.7% to A$3
    ** Construction materials firm said on Monday it is in
exclusive talks with CRH PLC  CRH.N  and Barro Group Pty for the
two companies to buy shares that Barro does not already own, in
a deal worth about A$2.1 bln ($1.41 bln)    
    ** Jarden considers this proposal as "a high quality, cash
offer"
    ** Morgan Stanley sees proposed Barro Group/CRH takeover to
likely dominate trading sentiment in near-term
    ** Jarden retains "neutral" rating on stock, Morgan Stanley
retains "equal-weight" rating
    ** Adbri stock up 80.1% this year, as of last close 

   ($1 = 1.4894 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))