Saint-Gobain in advanced talks to buy CSR (updated)

CSR

21/02/2024 09:42

(Adds quote, details)
       Feb 21 (Reuters) - French construction materials group
Saint-Gobain  SGOB.PA  confirmed on Wednesday it was in advanced
talks to buy Australian building materials firm CSR Ltd
 CSR.AX . 
    "The combination is an attractive opportunity for both
companies," Saint-Gobain said in a statement, adding that the
acquisition would give the French company an opportunity to
enter the Australian market. 
    Saint-Gobain said the offer price is 9.00 Australian dollars
($5.90) cash per share. The non-binding offer was unanimously
recommended by the board of CSR, the French company said.
    CSR shares rose about 17.4% on Wednesday and were halted for
trading. It had a market value of A$3.23 billion ($2.12
billion), as of last close, according to LSEG data. Shares in
Saint-Gobain were down 0.73% at 0926 GMT.
    Saint-Gobain's statement confirms an earlier report from
Bloomberg News.
    ($1 = 1.5258 Australian dollars)

 (Reporting by Michal Aleksandrowicz in Gdansk; Editing by Jan
Harvey)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 769 66 00;))