Summit Materials falls after announcing $3.2 bln merger with Argos USA

Summit Materials

07/09/2023 16:33

** Building materials supplier Summit Materials' shares
 SUM.N  fall 8.5% to $32.93
    ** Stock on track for biggest single-day percentage loss
since July 2022, if losses hold 
    ** Co enters deal to combine with Cementos Argos S.A.'s
 CCB.CN  U.S. arm Argos USA in a $3.2 bln cash-and-stock deal
    ** Summit Materials to pay $1.2 bln in cash to Cementos
Argos along with 54.7 mln shares of Summit stock
    ** Cementos Argos to own about 31% of the combined co after
deal 
    ** Co says the deal will create the fourth-largest cement
platform in the U.S.
    ** Summit CEO Anne Noonan will lead combined company, will
continue to trade on the NYSE under the ticker symbol 'SUM'
    ** SUM up 16% YTD, including session losses

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))