CEMEX gain control of Rinker

CEMEX have gained acceptances in respect of 50.34% of the shares of Rinker Group Ltd, one of the world’s top 10 international construction materials companies with operations in Australia and the US, under their offer to acquire the company. As a result, the offer for the company has been declared unconditional.

With majority ownership now achieved, CEMEX have proposed a formal handover of the company next week. Rinker have confirmed that, as part of this handover and at the request of CEMEX, all Rinker directors will retire from the board in favour of CEMEX’s nominees.

Nominations for appointment to the Rinker board include: Hector Medina, CEMEX’s executive vice-president of planning and finance; Juan Pablo San Agustin, senior vice-president of corporate strategic planning; and Ramiro Villarreal, general counsel and secretary of the board.

Lorenzo H. Zambrano, chairman of the board and CEO of CEMEX, said: ‘We are pleased with the support we have received from Rinker shareholders who to date have accepted our offer. We are looking forward to the integration of Rinker, which will create one of the world’s largest building materials companies.’

Remaining Rinker shareholders are being encouraged to accept the offer before the scheduled closing date of 22 June. CEMEX say there is no reason to delay acceptance as their offer is now unconditional and the offer price of US$15.85 has been declared final and, in the absence of a superior proposal, cannot be increased.