Saint-Gobain launches its friendly offer for the Australian CSR for 2,7 billion euros

The friendly offer, "approved with unanimous recommendation of the board of directors of CSR", concerns "the acquisition of all of the outstanding shares of CSR" at a price of "9 Australian dollars per share, in cash" , specified the French materials giant.

“This is our largest buyout operation since 2005 (...) and a very strong strategic acquisition for Saint-Gobain which is thus opening up a new continent, for the first time since the 50s” when the French group has set foot in the United States, declared general manager Benoit Bazin during a presentation to the press.

CSR, the materials giant in Australia, has 30 production sites, 120 logistics centers and employs 2.500 people, for a turnover of some 2 billion Australian dollars spread over a market representing 52% of new residential (houses individual), 19% on collective residential, and 8% on renovation. “It is a group with regular, attractive and profitable growth,” said Mr. Bazin.

Saint-Gobain estimates that the operation will ultimately cost it 1,9 billion euros once it has resold land held by CSR in a real estate subsidiary which is intended “to be monetized in the next three years”.

Saint-Gobain also plans to eventually sell a 25% stake held by CSR in aluminum manufacturing activities alongside Rio Tinto.

Mr. Bazin insisted on the synergies and harmony between the two groups, who “took the time to get to know each other” and “build intimacy”.

CSR has been a licensee of Saint-Gobain's glass wool activities in Australia since 1989.

Saint-Gobain achieved a turnover of 51,2 billion euros in 2022 and employs 168.000 employees in 75 countries. Its 2023 results will be published on February 29.

CSR's turnover for its annual financial year ending at the end of March 2023 amounted to 2,6 billion Australian dollars, or almost 1,6 billion euros. The company employs nearly 2.800 employees.