Texas Industries under pressure from Sawiris

Texas Industries under pressure from Sawiris
Published: 15 October 2008

At the forthcoming annual general meeting of Texas Industries, on October 21 2008, Mr. Nassef Sawiris is trying to install two of his nominees on the board and is looking to acquire up to a quarter of the equity, possibly launching a bid for the remainder eventually.  The intention may well be to try and flush out another bidder, which is unlikely until stock market conditions stabilise, but a purchase while the market is depressed could be seen as highly opportunistic, in a market that the managing director of Orascom Construction Industries understands well. As a can be expected, the board of Texas Industries in trying to mobilise shareholders to reject Mr. Sawiris’ proposals.