Redland ups bid to win Steetley
Article Abstract:
Redland has increased its hostile takeover bid for Steetley, fellow building materials manufacturer, to 625 million pounds sterling. Redland will be able to acquire as much as 29.9% of stock market shares in Steetley via a cash offer to shareholders. Shareholders are alternatively being offered shares in Redland. Redland now looks more likely to gain over 50% in acceptances for the bid. Robert Napier, chief executive of Redland, believes the takeover will succeed, particularly since Steetley has had to reduce the value of Gobitta, its French aggregates firm, by 40 million pounds sterling.
Publication Name: Building
Subject: Construction and materials industries
ISSN: 0007-3318
Year: 1992
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Spending power
Article Abstract:
The German construction industry is strong despite strikes and high interest rates. The redevelopment of the Eastern states combined with a demand for better roads and more housing throughout the country ensures there will be plenty of work available for German and British firms. Even if the recession becomes worse, the focus will simply transfer to the East of the country where rebuilding and repair work is vital. British materials companies are taking a lead in investing in Germany but contractors are slower to react.
Publication Name: Building
Subject: Construction and materials industries
ISSN: 0007-3318
Year: 1992
User Contributions:
Comment about this article or add new information about this topic:
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