(Bloomberg) -- Australia’s CSR Ltd. advanced as trading resumed following a A$4.3 billion ($2.8 billion) takeover bid from rival Cie. de Saint-Gobain of France. 

CSR shares rose 4.6% to A$8.32 as at 11:35 a.m. in Sydney, adding to Wednesday’s surge but traded below Saint-Gobain’s offer price of A$9. CSR’s shares jumped as much as 18% in the previous session after Bloomberg News reported on Saint-Gobain’s interest, prompting a trading halt. 

CSR confirmed the offer and said its board had unanimously decided to pursue a transaction. 

“There is a risk the deal doesn’t go ahead as it’s not binding until Saint-Gobain do due diligence and the foreign investment review board give the green light,” said Jamie Hannah, deputy head of investments and capital markets at Van Eck in Sydney. “It’s in no way a done deal. Hence why it’s trading below the offer price.” 

The transaction would rank as the biggest takeover by a French company in 2024 and the second-largest transaction in Australia this year, according to data compiled by Bloomberg.

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