Fletcher Building Ltd said yesterday it had entered into an agreement to sell the Formica Group to Broadview Holding BV for $US840 million ($NZ1.226 billion).
Fletcher Building Ltd’s positive annual meeting presentation yesterday was overshadowed by a cut in profit guidance.
Fletcher Building Ltd’s annual meeting at Eden Park today was a good one, for many reasons. It was also a bad one, for a couple of very important reasons.
Fletcher Building Ltd has sold international roofing products manufacturer Roof Tile Group (RTG) to Canadian roofing company IKO Industries Ltd for $US39 million ($NZ59.8 million).
Steel & Tube Holdings Ltd goes to its annual meeting next Thursday with Fletcher Building Ltd no longer bidding for a takeover, and a brokerage replaced by NZ Steel Ltd as a large shareholder.
Fletcher Building Ltd dropped its on-the-quiet attempt to buy fellow NZX-listed company Steel & Tube Holdings Ltd yesterday, 3 hours after Steel & Tube told the exchange a revised offer still undervalued it.