29 Mar 2011

Fletcher Building has 87% of Crane Group now

6:30 pm on 29 March 2011

Fletcher Building is creeping closer to its goal of taking over Australia's Crane Group.

The country's largest listed company's has had acceptances giving it more than 87% of the Australian plumbing and building products firm.

Seeking full control, Fletcher earlier this month scrapped its previous condition of reaching at least a 90% shareholding, which would have forced remaining investors to sell.

The offer, which values Crane Group at $A800 million ($1.1 million), closes on Wednesday.