Displaying items by tag: Barro
Australia: Raymond Barro will be appointed as the next chairman of Adelaide Brighton at the company’s annual general meeting (AGM) in May 2019. He succeeds Zlatko Todorcevski, who will become Lead Independent Director and deputy chairman. Todorcevski has spent less than a year in the role. The Barro family owns a 43% stake in Adelaide Brighton. Rhonda Barro was nominated as a director of Adelaide Brighton earlier in March 2019.
Australia: Adelaide Brighton has publicly dismissed media speculation about its alleged plans to purchase Barro Group. The building materials producer said that whilst it had proposed transaction plans to Barro at ‘various times’ no agreement has been reached on any such deal.
Analysts at the investment bank Citi said that Adelaide Brighton’s management were keen to buy the US$384m cement business owned by its major shareholder, the Barro Group, according to the Australian newspaper. However, the analysts said they believed the complex shareholding structure could pose problems.
Australia: Adelaide Brighton is reportedly considering buying the cement business of Barro Group for around US$387m. Barro Group is a major stockholder in Adelaide Brighton that recently increased its stake to 40%, according to the Australian newspaper. The increase in its stake has generated speculation about the relationship between the two companies.
Barro Group operates Independent Cement and Lime (ICL), a joint venture with Adelaide Brighton and Barro. ICL is a specialist supplier of cement and cement blended products throughout Victoria and New South Whales and is also the exclusive distributor of cement for Adelaide Brighton.