Region. Crane Group delisted

The Crane Group, which has facilities in Western Sydney has been delisted from the Australian Securities Exchange after Fletcher Building, based in New Zealand, completed its compulsory acquisition of all the group’s shares.

Region. Takeover bid recommended

The Crane Group – which has facilities across Western Sydney – is today expected to recommend shareholders accept a takeover bid from New Zealand’s Fletcher Building that would value the owner of Iplex pipes and Tradelink at more than $770 million, according to The Australian Financial Review

Region. Fletcher seeking clearance over bid

The New Zealand Commerce Commission said it would consider how Fletcher Building and the Australian company, Crane Group, which has facilities in Western Sydney, overlapped in the manufacture and supply of pipes and pipe systems, including how plastic pipes can be substituted for one another. Fletcher is seeking clearance from the commission as it pursues a $747 million hostile takeover bid of crane, according to The Australian Financial Review

Region. New Zealand interest in Crane Group

The Crane Group, which has facilities, such as Austral Wright Metals, Hudson Building Supplies, and Tradelink across the region, has not ruled out a sale to the New Zealand group, Fletcher Building. Crane is understood to have had discussions with other potential buyers keen on its core assets, which include Iplex Pipelines and its Tradelink distribution business. Crane is fighting off a $740 million hostile battle from Fletcher and has urged shareholders to reject the offer.

Region. Crane Group's annual results

Building and industrial products company, the Crane Group Limited, which has among its divisions the Crane Copper Tube manufacturing operation, at Penrith, Austral Wright Metals, at Wetherill Park, and numerous Tradelink retail outlets across Western Sydney, had a net profit after tax and before significant items, of $56.4 million, down 11.6 per cent on the previous year. Sales of $2118.3 million were down 9.9 per cent. Tradelink is reconfiguring and growing its Sydney branch network. The company closed Minto fittings plant