Australia's Adbri jumps on buying Zanows' concrete and quarries unit

Adbri

04/11/2021 04:34

** Shares of construction materials producer Adbri Ltd
 ABC.AX  rise as much as 3.6% to A$3.150 - on track for biggest
intraday pct gain since Sept. 23
    ** Co signs agreement to acquire Queensland-based Zanows'
Concrete and Quarries business for A$58 mln ($43.23 mln)
 urn:newsml:reuters.com:*:nFWN2RU251
    ** Says deal provides access to quarries with approved
reserves of over 70 mln tonnes, providing a source of long-term
and high-quality raw materials to co's concrete network
    ** Stock marks highest level since Oct. 25
    ** Stock down ~9.3% so far this year as of last close vs a
12.6% increase in the S&P/ASX 200 index  .AXJO     



($1 = 1.3416 Australian dollars)

 (Reporting by Upasana Singh in Bengaluru)
 ((Upasana.Singh@thomsonreuters.com))