Cemex’s bid to acquire Australian rival Rinker Group Ltd. gained 50.3% shareholder approval on June 7, creating the world's largest building materials supplier. The Mexican cement giant’s $14.25-bilion purchase of Rinker equals a purchase price of $15.85 per share. The deal raises Cemex’s annual revenue by 27% to $23.2-billion, with a combined 67,000 employees in 50 countries.
Cemex, however, must first sell 39 ready mix concrete, concrete block, and aggregate facilities in Florida and Arizona as per an anti-trust order from the U.S. Dept. of Justice. The assets are being valued between $300-million to $500-million by Goldman Sachs's JB Were.