Break-up looms as white knights desert Redland
Friday 17 October 1997
Investors in Redland expecting a white knight to counter Lafarge's pounds 1.7bn hostile offer, made on Monday, for the roofing and aggregates company, may be disappointed after comments yesterday from some heavyweight players in the building industry.
A source at Tarmac, the UK's largest aggregates company, said yesterday that it was "pretty unlikely" that the company would bid for any of Redland. "It is hard to see us as a contender," said the source.
Analysts said that Tarmac would probably have to issue paper to buy Redland's UK and US aggregates business, valued at around pounds 1bn. The company has high net debt and is still working through last year's asset swap with Wimpey.
RMC said yesterday that it had an "open mind" about Redland's aggregates business and was watching the situation "closely."
However a source at the company indicated that RBB, Redland's roofing business was not a consideration: "I doubt if we will extend in that direction. We already have our hands full."
Pioneer, the Australian building materials group also appears to have ruled out a full bid. Though the group has a roofing business in Australia and the USA and said that its strong balance sheet could fund expansion, Pioneer yesterday said that it did not consider roofing as its core business and that the German shareholding in RBB, 43.5 per cent owned by Braas, could be a problem.
"That is another element in the attractiveness or unattractiveness of Redland," said an insider.
Hanson is also believed to have ruled itself out as a full bidder. Blue Circle, the cement company whose name has also cropped up as a potential bidder is thought to feel that buying Redland, its customer, would alienate other cement users like Tarmac. Lafarge has two weeks from Monday to post its offer document.
- 1 Half of young women unable to ‘locate vagina’ and 65% find it difficult to say the word
- 2 Emma Watson on Jennifer Lawrence naked photo leak: 'Even worse than seeing women's privacy violated is reading the comments'
- 3 Saudis risk new Muslim division with proposal to move Mohamed’s tomb
- 4 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 5 Mexican woman becomes world’s 'oldest person' at 127
Perez Hilton apologises for publishing Jennifer Lawrence naked 4Chan photos
Jennifer Lawrence 'nude photo hacker' claims there are hundreds more celebrity images to come
Victoria Justice on naked photo leak: 'Let me nip this in the bud right now – pun intended'
Ariana Grande nude photos leak: Pictures are completely fake, say representatives
Saudis risk new Muslim division with proposal to move Mohamed’s tomb
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Ashya King: Parents of five-year-old boy refused permission to visit him in hospital and denied bail at Spanish court
With Douglas Carswell joining Ukip, my party has taken another giant step forward
When elitism grips the top of British society to this extent, there is only one answer: abolish private schools
Ashya King: 'Cruel NHS has not given us the treatment we need', says father of five-year-old with brain tumour who fled to Spain
iJobs Money & Business
£55000 - £65000 per annum: Harrington Starr: A Global Financial Service Organi...
£60000 - £70000 per annum: Harrington Starr: A prestigious leading professiona...
£40000 - £50000 per annum: Harrington Starr: A Global Financial Service Organi...
£50000 - £70000 per annum: Harrington Starr: One of the global leaders in prov...