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Saint-Gobain in Talks to Buy Australia's CSR for $2.8 Billion — Update

Provided by Dow Jones

Feb 21, 2024 9:55am

By Pierre Bertrand

Saint-Gobain is in advanced talks to acquire Australian building-materials company CSR for 4.3 billion Australian dollars ($2.82 billion) in cash.

The French building-materials company said it approached the company with a nonbinding indicative offer of A$9.00 in cash a share.

Trading of CSR shares in Australia was halted earlier on Wednesday at the request of the company, the Australian Securities Exchange said.

Its shares last traded up 17% to A$7.95 after Bloomberg reported the companies had held talks.

Saint-Gobain said its offer was subject to confirmatory due diligence and the entry into binding transaction documents.

The company added that the CSR board has unanimously resolved to pursue the offer.

"Saint-Gobain is currently completing its final confirmatory due diligence. No transaction is assured at this stage," the company said Wednesday.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

February 21, 2024 04:55 ET (09:55 GMT)

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