No-Moat Brickworks Trims Soul Patts Cross-Holding to Fund U.S. Acquisition; FVE Unchanged
No-Moat Brickworks has marginally reduced its cross-holding in Washington H. Soul Pattinson & Co, or Soul Patts, to fund its previously announced U.S. acquisition, Glen-Gery. Brickworks generated proceeds of AUD 154 million, net of tax and transaction costs, by selling 7.9 million shares of its Soul Patts holding. We view the sell-down positively, given the average sale price of AUD 26.37 per share was 1.65 times our Soul Patts fair value estimate. The net proceeds will fully fund the acquis...Brickworks manufactures a range of building products throughout Australia, engages in development and investment activities, and participates in investments as an equity holder. Co. has business three segments: building products, which manufactures vitrified clay, concrete and timber products used in the building industry with product lines that include bricks, blocks, pavers, roof tiles, floor tiles, and timber products used in the building industry; property, which considers further opportunities to better utilize land owned by Co.; and investment, which holds investments in the Australian share market, and includes investment in Washington H. Soul Pattinson and Co. Ltd.
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