June 21, 2021
(Reuters) -Australia’s Boral Ltd on Monday said it would sell its North American building products business to a unit of NYSE-listed Westlake Chemical Corp for $2.15 billion.
The announcement came in a disclosure in response to a bid by Seven Group Holdings in May to buy all the shares in Boral it did not already own for A$6.50 apiece, valuing the construction materials maker at A$7.91 billion ($5.9 billion).
Following the sale of the North American business, Boral said its net debt target would fall from A$1.5 billion to A$1.3 billion.
($1 = 1.3330 Australian dollars)
(Reporting by Arundhati Dutta and Tejaswi Marthi in Bengaluru; Editing by Christopher Cushing and Stephen Coates)