Rinker OKsbid

Rinker has recommended its shareholders accept an increased takeover bid of US$ 15.85 per share from Cemex. The offer values Rinker at US$ 15.3 billion, +22% more than the hostile bid from Cemex it rejected in November. The deal has also been cleared by the US Justice Department which had been looking at the competition implications of the merger. It has ruled that Cemex will have to divest 39 facilities in the US if the deal goes ahead.

Rinker shareholders have until May 18 to accept the offer. In order for the deal to go ahead, the Mexican company must have acquired 90% of Rinker's share capital by then. According to Cemex the combined company will have annual revenues of US$ 23.3 billion and employ 67000 people.