18 Mar 2011

Fletcher remains optimistic of securing Crane control

8:45 am on 18 March 2011

Fletcher Building is still confident it will get full control of its takeover target - Australia's Crane Group - after going unconditional.

The building products and construction firm has scrapped its previous condition of reaching at least a 90% shareholding, which would force remaining investors to sell.

Fletcher Building has about 57% of Crane.

It has extended its offer until the end of the month, to allow Tyndall Investments to sell its 7.7% stake.

Fletcher Building general manager of investor relations Philip King says while the company can not guarantee it will get full control, there has been little resistance to the offer so far.