CSR Limited (ASX:CSR)
and Boral Limited’s (ASX:BLD)
East Coast Bricks joint venture has scored the green light to proceed from Australia’s competition regulator.
The manufacturers both supply a range of building products to the construction industry and proposed a joint venture to combine their east coast brick operations in April.
At the time of announcing the JV combined revenue was forecast to reach about $230 million with efficiency gains aimed at reducing per unit costs of production.
The Australian Competition and Consumer Commission flagged issues with the proposal in October but has today cleared the deal which is slated for completion in the first half of 2015.
CSR reported a net profit of $76.9 million in the half year to the end of September 2014.