Australia's Brickworks rises to over 1-year high on $9 bln merger with Soul Patts

Washington H. Soul Pattinson and

02/06/2025 01:34

** Shares of Brickworks BKW.AX rise as much as 14% to A$31.37, their highest levels since March 11, 2024

** Stock marks its largest intraday pct gain since late September 2009

** The investment holding company Washington H Soul Pattinson SOL.AX to buy out its building products affiliate in a deal, valuing the latter at A$4.62 billion ($2.98 billion)

** Deal to merge companies and form a new ASX-listed firm with expected valuation of A$14 billion ($9.03 billion)

** Soul Patts shareholders to own 72% of newly formed firm while Bricksworks shareholders to own 19%, with remainder offered to new shareholders

** Soul Patts up as much as 4.1% at A$38.435 on the day

** YTD, Brickworks and Soul Patts up 21.2% and 11.9% respectively, including current session's moves

($1 = 1.5497 Australian dollars)

 (Reporting by Nikita Maria Jino in Bengaluru)

 ((Nikita.Jino@thomsonreuters.com;))