Cemex said it has replaced seven members on building products firm, Rinker Group Ltd’s board of directors, including chairman John Morschel, with its own nominees.
The move follows Cemex receiving acceptances for more than 50 per cent of Rinker’s issued capital under a 14.25 bln usd takeover offer. As of Monday it had acceptances for 59.93 per cent of Rinkers shares.
After reaching the 50 per cent level, Cemex declared the offer unconditional.
Cemex is the world’s third largest cement maker while Rinker earns more than 80 per cent of its income in the US.