Cemex seeks review of takeover panel Rinker declaration

Cemex seeks review of takeover panel Rinker declaration
Published: 27 September 2007

Australia’s Takeovers Panel said Thursday that  Cemex SAB has launched a Federal Court appeal of its July declaration of unacceptable circumstances and orders relating to the Mexican cement company’s takeover of  Rinker Group Ltd.

The panel said in a statement it will grant a stay in respect of its orders pending the outcome of the appeal, to which the Australian Securities and Investment Commission has also been named as a respondent.  

The appeal relates to the panel’s order for  Cemex to pay shareholders who sold Rinker shares between April 10 and May 7, the equivalent of Rinker’s April 25 cent per share dividend.  

Cemex compulsorily acquired the remaining shares in Rinker after winning control of more than 90% of the takeover target in July.