Rinker Group encouraged to fend off Cemex takeover bid

\n
Rinker Group encouraged to fend off Cemex takeover bid
By Staff writer
Sat 09 Dec 2006 04:00 AM

Directors of Australian building materials company, Rinker Group, have urged shareholders to reject a takeover offer by Mexican cement manufacturer, Cemex SAB de CV, because its bid was too low.

The directors said in a statement that the offer of US $11.7 billion (AUD14.8 billion) did not represent the company’s true value and was opportunistic, and so unanimously rejected the offer.

Rinker earns about 80% of its income in the US, with Florida and Arizona as its key markets.

For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.