11 Feb 2011

Fletcher Building gets clearance for Crane Group takeover

1:24 pm on 11 February 2011

Australia's competition watchdog has given the green light for Fletcher Building to acquire Crane Group.

Fletcher Building is offering a stock deal worth $AUS10.07 per share for the plumbing and building supplies company, valuing the firm at almost $800 million.

The Australian Competition and Consumer Commission has cleared the possible takeover.

Fletcher Building has acceptances giving it 18.8% of Crane and needs 90% for its takeover offer to go ahead.