Australia's CSR hits record high on $3 bln buyout by France's Saint-Gobain

CSR

27/02/2024 03:02

** Shares of construction materials firm CSR Ltd  CSR.AX 
jump as much as 5.5% to a record A$8.840 
    ** Co signs definitive agreement to be acquired by larger
French rival Saint-Gobain  SGOB.PA  in a deal with an enterprise
value of A$4.5 bln ($2.94 bln)
    ** Says offer price of A$9.00/share at a premium of about
7.4% to last close on Friday
    ** Stock has been rising since last Tuesday, when multiple
reports of the deal surfaced 
    ** CSR heads for a fifth straight session of gains, trading
in shares was halted on Monday before co's announcement 
    ** Shares have risen nearly 5% in the past five sessions 
    ** Stock sixth-biggest pct gainer on the benchmark S&P/ASX
200 index  .AXJO  
    ** More than 22.2 mln shares change hands, compared with the
30-day average volume of ~2.4 mln shares  
    ** Stock up about 27% this year, as of last close, vs a 0.3%
decline in AXJO
    
($1 = 1.5305 Australian dollars)

 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))