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Saint-Gobain makes progress on sustainable construction in Australia by purchasing CSR Limited

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Amandine Martinet

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1046 Last modified by the author on 26/02/2024 - 11:45
Saint-Gobain makes progress on sustainable construction in Australia by purchasing CSR Limited

In a press release dated February 26, 2024, Saint-Gobain announces the acquisition of all of the outstanding shares of CSR, a leading player in building materials in Australia in the residential and non-residential markets.

Through this operation, the French group is gaining ground on the international sustainable construction market, in line with its desire to strengthen its presence in the high-growth and challenging markets of Asia-Pacific.

Cost of repurchase? 9 Australian dollars per share, in cash, which represents an enterprise value of 4.5 billion Australian dollars in total (or approximately 2.7 billion euros). All entirely financed by Saint-Gobain's available cash.

The transaction is expected to be finalized in the second half of 2024, following approval of CSR's shareholders, certain regulatory authorizations, and the satisfaction of other customary conditions.

Benoît Bazin, Director of Saint-Gobain, welcomes the acquisition of CSR in these terms: The combination of our strengths is a great opportunity: Saint-Gobain will bring significant value to CSR, which will be able to benefit from our operational expertise on their strategic businesses, for the benefit of customers. I am delighted to welcome the CSR teams to Saint-Gobain in order to continue its great success in Australia and New Zealand. »

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