Mexican Cemex announced that 21.23 per cent of Australian Rinker’s shareholders had accepted its offer, that totals US$12bn.
The percentage raised from 15.76 per cent after Perpetual Investments, Rinker’s largest shareholder, said that it would back the bid and to sell its 10.5 per cnet stake after Cemex included in its offer of 15.85 dollars a share a 25 Australian cents a share dividend.
It’s worth to mention that Cemex extended the offer to June 8th and will accept the purchase if its holdings exceed 50 per cent of Rinker by that date. Prior to it, Cemex had only gained acceptance of 1.7 per cent of Rinker´s stock.
Mexican Cemex is North American largest cement maker and world’s third. It has operations in more than 50 countries and sales higher than 15 billion dollars per year.
Rinker is one of the top 10 construction materials companies in the world, with operations supplying aggregate, cement, concrete, concrete block, asphalt, concrete pipe and other building materials.
About 80 per cent of its revenue come from its US subsidiary Rinker Materials. It also owns concrete quarry products company Readymix and concrete products group Humes in Australia.
The firm has over 14,000 employees in over 770 sites across the US, Australia and China.