With more than 95 percent of Rinker Group shares secured, Cemex announced plans to acquire remaining shares in accordance with Australian Securities and Investments Commission protocol
Sources: Cemex S.A.B. de C.V., Monterrey, Mexico; CP staff
With more than 95 percent of Rinker Group shares secured, Cemex announced plans to acquire remaining shares in accordance with Australian Securities and Investments Commission protocol. An offer allowing holders of remaining shares payment options ($Australian versus $US) was to expire July 16.
Other than the election of a new Rinker board late last month, Cemex has not indicated an integration timetable for its new U.S. and Australian concrete, aggregate and cement assets. Initial moves stand to include the unloading of 39 ready mixed, block and aggregate sites in Florida and Arizona to address competitive concerns the U.S. Department of Justice Antitrust Division outlined in April. A complaint based on those concerns will be withdrawn pending the sale–by year’s end–to a Department-approved buyer.