Oil
BLD

Boral to sell American building products business for $2.2 bln

Credit: REUTERS/DAVID GRAY

Australia's Boral Ltd on Monday said it would sell its North American building products business to a unit of NYSE-listed Westlake Chemical Corp for $2.15 billion.

Adds details on Seven Group bid

June 21 (Reuters) - Australia's Boral Ltd BLD.AX on Monday said it would sell its North American building products business to a unit of NYSE-listed Westlake Chemical Corp WLK.N for $2.15 billion.

The announcement came in a disclosure in response to a bid by Seven Group Holdings SVW.AX in May to buy all the shares in Boral it did not already own for A$6.50 apiece, valuing the construction materials maker at A$7.91 billion ($5.9 billion).

Following the sale of the North American business, Boral said its net debt target would fall from A$1.5 billion to A$1.3 billion.

($1 = 1.3330 Australian dollars)

(Reporting by Arundhati Dutta and Tejaswi Marthi in Bengaluru; Editing by Christopher Cushing and Stephen Coates)

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

BLD WLK

Other Topics

US Markets

Latest Markets Videos

    Reuters

    Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

    Learn More