Closing of the $4.2 billion Vulcan Materials-Florida Rock merger marked the disappearance of a fourth concrete, aggregate and cement operator listing
Closing of the $4.2 billion Vulcan Materials-Florida Rock merger marked the disappearance of a fourth concrete, aggregate and cement operator listing on the New York Stock Exchange in 2007. Rinker Group’s listing was dropped in June after Cemex S.A.B. de C.V. acquired nearly 100 percent of the company’s outstanding shares. Rinker traded on the NYSE in American depositary receipts (ADR). Cemex stock continues to trade on the Big Board under an ADR facility, where each receipt represents a certain quantity of shares as traded on a company’s main stock exchange.
In August, listing of ADR-traded Hanson Plc was dropped following the company’s takeover by HeidelbergCement AG. Another ADR-trading company and global peer of Cemex and HeidelbergCement, Lafarge Group, dropped its New York listing after the merger of its main exchange, Euronext, and the NYSE.
This year’s three major deals leave the NYSE with the listings of Cemex and seven other companies deriving at least 25 percent of revenue from concrete, aggregate and cementitious materials: Ameron, CRH Plc/Oldcastle, Eagle Materials, Headwaters Inc., Martin Marietta Materials, MDU Resources/Knife River Corp., and Texas Industries.