French Giant Saint-Gobain set to absorb CSR

Company News

by Glenn Dyer

CSR is set to be absorbed by the French giant Saint-Gobain after the Foreign Investment Review Board okayed the $4.3 billion offer for the local building products group.

The CSR board agreed to the $9-per-share bid from Saint-Gobain in late February, and shareholders will vote on the proposal at a scheme meeting scheduled for tomorrow (Thursday).

CSR shares ended at $8.96 on Tuesday, as investors signaled the deal was sealed by the French company.

Once shareholders approve the deal tomorrow, S&P Global says the company will be removed from the ASX 200 and other market measures.

CSR will be replaced by Judo Capital prior to the opening of trading on June 20.

Glenn Dyer

Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.

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