Cemex gains 59.93 per cent of Australia’s Rinker ahead of bid expiry

Cemex gains 59.93 per cent of Australia’s Rinker ahead of bid expiry
Published: 18 June 2007

Cemex said it has gained 59.93 per cent of Rinker Group Ltd’s issued capital ahead of the expiry on June 22 of its US$14.25bn offer for the Australia-listed heavy construction group.  
 
Cemex passed the 50 per cent level on June 7, giving it control of Rinker, which earns more than 80 per cent of its income in the US.  
 
On achieving 50 per cent acceptance, Cemex declared the offer unconditional.  
 
On Tuesday, Rinker will hold its first board meeting since control changed. At the meeting the Rinker board will step down to allow Cemex nominees to take control. 
 
Cemex is offering US$15.85 a share or US$18.42 at the current exchange rate.