Cemex increases Rinker stake to 85.53%

Cemex increases Rinker stake to 85.53%
Published: 03 July 2007

Cemex has secured 85.53 per cent of  Rinker Group Ltd, just short of the 90 per cent needed to automatically acquire the rest of the company.  
 
Cemex, the world’s third biggest cement maker, launched a US$15.85 (A$19.34) a share takeover bid for Rinker last year, valuing the Australian building materials maker at US$14bn.  
 
The offer, which was declared unconditional on June 7, was due to expire last month, but was extended by Cemex until July 16.  
 
Cemex said today it had gained a 85.53 per cent stake in Rinker, or 765,577,859 shares in the company, up from 83.83 per cent at the previous update.