Cemex completes takeover of Rinker

Cemex completes takeover of Rinker
Published: 11 July 2007

Remaining Rinker investors must hand over their shares in the construction materials group after Cemex has won the right to compulsorily acquire the company.  
Late yesterday, Cemex said it had reached the 90 per cent threshold required to force purchase of the remaining 10 per cent of Rinker.  
The announcement was the final chapter in a 10-month takeover battle for Rinker, a battle that started with an offer of $US13 ($A15.11) a share.  
Even before Cemex obtained more than 90 per cent of Rinker shares, Cemex chairman and chief executive Lorenzo Zambrano said he was pleased with the support received from Rinker shareholders.  
"We are looking forward to the integration of Rinker, which will create one of the world’s largest building materials companies," he said.  
Once the takeover is completed Cemex, which is currently the world’s third biggest cement producer, will become the world’s biggest, with businesses in Australia, China and US states including Florida, Arizona and Nevada.  
Under the deal, shareholders will be paid $US15.85 (about $A18.45) a share.  
However, they can choose to be paid $19.50 for their first 2000 shares, an amount 90¢ higher than yesterday’s closing price of $18.60.