Farewell Boral
It’s goodbye, Boral (ASX:BLD), as the company’s briefly rebellious independent directors accept a remade offer from Seven Group Holdings, the largest shareholder.
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Boral is an international building products and construction materials group with three strong divisions: the high-performing, well-positioned construction materials business of Boral Australia; USG Boral, a fast-growing plasterboard joint venture in Asia, Australia and the Middle East; and Boral North America, a scaled and growing building products and fly ash business. Employing more than 26,000 employees and contractors, Boral’s operations span 826 building and construction materials operating and distribution sites globally.
FY2019 marked a significant year in Boral’s transformation. Our strategy to harness sustainable growth has seen Boral invest in less energy-intensive, lighter weight, more innovative products and reduce exposure to lower growth, energy-intensive, high cost operations. In line with our strategy, this year we deployed capital from non-core businesses into businesses that we know will secure Boral’s future.
Boral delivered a solid result in FY2019, with benefits from cost reductions and improvement initiatives, and continued infrastructure activities, helping to offset impacts of residential market declines. In FY2019, we reported an underlying profit after tax (excluding significant items) of $440 million, down 7% on the prior year. Headwaters acquisition synergies of US$32 million were slightly ahead of plan, and our year-four synergy target of US$115 million remains on track.
Our strategy to deliver improved performance and sustainable growth for all stakeholders is progressing well.
It’s goodbye, Boral (ASX:BLD), as the company’s briefly rebellious independent directors accept a remade offer from Seven Group Holdings, the largest shareholder.
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Kerry Stokes’ Seven Group Holdings (ASX:SVW), hoping for an easy mop-up bid for the rest of Boral (ASX:BLD), has hit heavy going with the target company telling shareholders on Tuesday to reject the offer.
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Kerry Stokes' Seven Group (ASX:SVW) is bidding to acquire the 28.4% minority stake in Boral (ASX:BLD) with an offer that, despite its $6.05 per share price, holds a mere 20 cents premium to Friday's closing sale of $5.85.
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The Kerry Stokes-controlled building products giant, Boral, has upgraded its full-year earnings guidance after revealing a strong performance for the six months to December.
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Shares in cement and building products group Boral surged by more than 7% early on Monday after the company surprised with a 10% increase in projected earnings for the 2023-24 financial year.
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In a significant return to profitability for the year ending on June 30, building products conglomerate Boral has decided to withhold dividends, a move that holds no major concern as the entity is now under the control of Kerry Stokes' Seven Group Holdings.
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Solid enough December half-yearly reports were released on Wednesday by two of our country's industrial giants - the Kerry Stokes-controlled Boral and packaging leader Amcor.
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Another heavy news day among ASX stocks on Wednesday, including earnings upgrades from companies of very different sizes and a somewhat controversial key hire.
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Outperform rating retained, target price falls to $4.05 from the previous entry in the FNArena database of $4.30.
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A fair bit of news around the ASX on Wednesday, and here's all the latest from steelmaking giant BlueScope, Kerry Stokes-controlled Boral and local automative retailer Eagers.
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