UAE’s $35 Billion Egypt Deal Marks Gulf Powers’ Buying Spree
Crown jewels including resorts and a gas station chain are up for grabs. Saudi Arabia mulls purchases.
Latest Videos
The information you requested is not available at this time, please check back again soon.
Crown jewels including resorts and a gas station chain are up for grabs. Saudi Arabia mulls purchases.
(Bloomberg) -- China’s industrial companies’ profits fell in March as exports flagged and deflationary pressures persisted, suggesting the economy’s stronger-than-expected growth early this year might be tough to maintain.
New York Community Bancorp Inc. has had one of the most tumultuous quarters in recent banking history. Its first-quarter earnings will probably reveal more about impacts from the drama — and management’s plan to move forward.
Donald Trump’s longtime personal assistant, who worked for his real estate empire for decades, told a jury that she has a “vague recollection” of seeing Stormy Daniels at Trump Tower sometime before 2015.
The delinquency rate for US small businesses climbed to a three-year high this month, reflecting the impact of rent spikes and declining revenue, according to a monthly survey.
Dec 6, 2021
Bloomberg News
,(Bloomberg) -- French building materials maker Cie. de Saint-Gobain agreed to buy U.S. specialty construction chemicals maker GCP Applied Technologies Inc. for about $2.3 billion in a bet on growth from U.S. President Joe Biden’s infrastructure plan.
Investors will receive $32 for every GCP Applied share in a deal financed through cash, Saint-Gobain said Monday. That’s 18% higher than Friday’s closing price. Bloomberg reported last week that Saint-Gobain was among suitors considering the purchase.
“We are very confident in the American market,” Chief Executive Officer Benoit Bazin said on a call with reporters, noting the U.S. administration’s ambitious spending plans on infrastructure will fuel demand for cement and other materials.
Saint-Gobain has pushed aggressively into the North American market in recent years, agreeing to buy U.S. drywall maker Continental Building Products Inc. in a deal worth $1.4 billion, including debt, in 2019 and laying plans for new factories in the region. Bazin said he’s had his eye on GCP for several years.
Saint-Gobain rose as much as 1.6% in Paris. The shares have climbed 56% this year.
Construction Dealmaking
The accord is further evidence dealmaking in the industry is heating up as construction rebounds from the worst of the pandemic last year. European rival Sika AG agreed in November to acquire MBCC Group, the former construction-chemicals unit of BASF SE, for 5.5 billion Swiss francs ($6 billion). That deal built on Sika’s 2019 purchase of mortars business Parex Group for 2.5 billion Swiss francs.
GCP conducted a strategic review in 2019 but failed to find a buyer. Saint-Gobain on Monday said it would keep GCP’s turnaround plan, made more solid by new management after years of turmoil. This will help extract synergies worth $85 million including in roofing and building facades. It expects the deal to close by the of next year.
For Saint-Gobain, an acquisition of GCP Applied would build on its recent purchase of Chryso, a French construction chemicals business, for 1 billion euros ($1.1 billion). The deal would bolster the group’s position in construction chemicals, a technology that Bazin said can dramatically lower carbon emissions in products like cement through the use of additives.
GCP has about $1 billion in annual revenue and 50 manufacturing sites in 38 countries, employing around 1,800 people, according to the statement.
(Updates with shares in fifth paragraph)
©2021 Bloomberg L.P.