World News – AU – Boral (ASX: BLD) share price climbs after announcement of $ 1 billion deal


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Motley Fool Australia »Stock gainers» Boral (ASX: BLD) share price soars after announcement of US $ 1 billion deal

Brendon Lau | October 27, 2020 12:00 p.m. | Read more: BLD CSR JHX SVW ASX 200

Boral Limited (ASX: BLD) share price is one of the best performing stocks on this sad trading day thanks to a billion dollar trade

Shares of the building materials supplier jumped 4% to $ 4.92 in morning trading, making it the second-best performer on the S&P / ASX 200 index (Index: ^ AXJO)

In case you were wondering, the Blackmores Limited (ASX: BKL) share price is in pole position with a 68% rally

But Boral shareholders won’t complain Top 200 stock market indices fell 14% due to aggressive resurgence of global COVID-19 cases

Management got the market excited after announcing an agreement to sell 50% of USG Boral to Gebr Knauf KG for $ 1 US015 billion (~ USD 143 billion)

What might appeal to investors the most is that Boral has received several offers for its distressed US assets, the Australian Financial Review reported

Boral’s US expansion is one of the main reasons the stock underperformed and led to the ouster of former CEO Mike King

But the new boss, Zlatko Todorcevski, has promised that there will be no « fire sale » of its American assets even after the group takes a dollar2 billion depreciation of its Meridian Brick business

Boral’s largest shareholder, Seven Group Holdings Ltd (ASX: SVW), would be happy to agitate for sale of underperforming companies

It’s probably a little self-interested, as it’s an open secret that Seven Group wants to acquire Boral’s Australian assets Any takeover would be easier without the dead weight of Boral’s US divisions

However, any divestment in this market will have to wait until 2021 Management is unwilling to enter into serious negotiations as Todorcevski is still reviewing his restructuring plan for the group

Boral also provided a pleasant trading update for the September quarter While the group’s turnover fell 9% compared to the same period last year, profit before interest and tax margins rose to 95% from around 9%

This trend was constant in all divisions of Boral Boral Australia published a stable EBIT 1QFY20 despite lower volumes of concrete, quarry and asphalt

Shareholders hope this marks a turning point for the underperforming Even with today’s leap, the stock is trading flat over the past year when the James Hardie Industries share price plc (ASX: JHX) and CSR Limited (ASX: CSR) share price increased 40% and 16%, respectively

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Motley Fool contributor Brendon Lau owns shares of James Hardie Industries plc and Seven Group Holdings Limited Join me on Twitter @brenlau

The Motley Fool Australia has no position in any of the stocks mentioned We fools may not all have the same opinions, but we all believe that taking into account a wide range of information makes us better investors The Motley Fool has a disclosure policy This article contains general investment advice only (under AFSL 400691) Authorized by Scott Phillips

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This service only provides general, non-personalized financial advice, and has not taken into account your personal situation The Motley Fool Australia operates under AFSL 400691 For more information, please see our Financial Services Guide No. remember that investments can go up and down Past performance is not necessarily indicative of future performance The Motley Fool Australia does not guarantee performance or return on investment

Boral, Knauf, ASX: BLD, Construction

News from around the world – AU – Boral (ASX: BLD) share price climbs after transaction announcement US $ 1 billion


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