25 Feb 2011

Commission approves Fletcher takeover of Australian firm

2:05 pm on 25 February 2011

Fletcher Building's takeover offer for Crane Group has passed its final regulatory hurdle.

Fletchers is offering a cash and stock deal worth $A10.07 a share for the Australian building and plumbing supplies company, valuing the firm at almost $A800 million.

The Commerce Commission on Friday approved the deal, saying it's unlikely to reduce competition in the market.

Australia's competition regulator and New Zealand's Overseas Investment Office had earlier approved the deal.

Fletchers already has acceptances giving it almost 36% percent of Crane, but it needs 90% for the offer to go ahead.

The offer closes on the 11th of March.