Fletcher Building gains more than 90% of Crane Group

Thursday 31st March 2011

Fletcher Building has secured more than 90% of Crane Group's shares and will move to compulsory acquisition of remaining shares.

The New Zealand-based company's offer for the Australian pipe and plumbing firm will close as scheduled tomorrow and Fletcher Building will proceed with compulsory acquisition following the close of the offer.

Fletcher Building said it had acceptances for 92.7% of Crane's shares. It had earlier declared the offer unconditional.

"We are excited about the future prospects of the combined group. We have a great deal of confidence in Crane's divisional management and staff and believe we are well placed to take advantage of the complementary nature of our businesses," Fletcher Building chief executive Jonathan Ling said.

NZPA

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