Australia’s biggest building products company, Boral said on Thursday that court action to block its A$867 million ($606 million) takeover bid for Adelaide Brighton Ltd (ABC.AX) would begin on November 3. Anti-monopolies watchdog, the Australian Competition and Consumer Commission, launched a case in the Federal Court in June to halt the takeover, arguing it would substantially reduce competition in the country’s cement industry.
"It is anticipated that the hearing will be completed by Christmas," Boral said in a statement, adding the case would be heard in Melbourne by Justice French.
About two weeks ago, Boral said both parties had worked towards a five-week hearing to start on Aug. 30, but the commission had been unable to finalise its evidence and Boral had not been able to prepare its case effectively.
Meanwhile Boral Ltd said it has reappointed Rod Pearse as chief executive for another five years. In a statement, Boral said Pearse, who has been chief executive since Jan 2000, will continue in the role until Dec 2009.