17 Mar 2011

Takeover offer for Crane made unconditional

1:06 pm on 17 March 2011

Fletcher Building has removed its 90% minimum acceptance for its takeover of Australia's Crane Group, making its offer unconditional.

Fletcher Building is offering a mixture of cash and stock for the Australian building and plumbing supplies company, valuing the firm at almost $AUS800 million.

It now has acceptances giving it 57% of Crane.

Fletcher Building says it intends to appoint two new directors to Crane's board immediately and will appoint a third once payment has been made to Crane shareholders.

The offer closes on 25 March.