The proposed demerger of Rinker Group from CSR Ltd has been approved by Australian Courts.
Both companies will be based in Sydney (Australia) and will trade on the Australian Stock Exchange (ASX).
CSR shareholders will retain their shares and will receive 1 Rinker share for each CSR share held on April 4th. Although Rinker will begin trading on the ASX as of March 31, the demerger will not formally take place until April 11th.
Rinker will consist of approximately 70% of CSR’s assets and is expected to be one of the world’s top ten heavy building materials groups in the world. With operations in Australia, USA and China they will deal in aggregates, cements, premix concrete and concrete pipe and products.
CSR will become a more diversified company dealing in sugar, aluminium and building products such as insulation, plasterboard and roof tiles.