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Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Saint-Gobain in talks to snap up CSR

(Sharecast News) - Saint-Gobain is in advanced talks to acquire Australian rival CSR, the construction materials group confirmed on Wednesday. In a brief statement, the French firm said it had made a non-binding indicative offer of AU$9 (£4.70) per share, valuing the business at more than AU$4bn.

Saint-Gobain called the proposed tie-up an "attractive opportunity" for both companies which would leverage their long-term partnership, similar business models and cultures.

It continued: "This acquisition would be fully aligned with Saint-Gobain's strategy as a worldwide leader in light and sustainable construction and an opportunity to enter the Australian market."

Saint-Gobain said the board of CSR had unanimously resolved to pursue the offer, subject to entry into a binding transaction. Due diligence is now under way.

Any deal will be subject to regulatory approval as well as the backing of CSR's shareholders.

CSR's shares soared on the news - which was first reported by Bloomberg - and closed 17% higher at AU$7.95. As at 1030 GMT, Saint-Gobain's Paris-listed shares were largely flat.

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