CRH, the Irish building materials company, has launched a A$1.1bn (US$750mn) buyout of rival AdBri as takeover interest in Australian listed companies continues to gather pace.
AdBri, an Adelaide-based cement company that traces its roots to the 1800s, said it would recommend the takeover offer, which has been pitched at a 41 per cent premium.
The offer — which CRH is making alongside local investor Barro Group that already owns 43 per cent of the stock — values AdBri at A$2.1bn.
It is the latest sign that appetite for Australian assets from foreign buyers remains healthy despite the collapse of takeovers for Origin, the energy company, and Liontown, the lithium miner, in recent months.
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