French construction material producer Saint-Gobain has agreed to buy U.S. compan...
) in a deal valued at $1.4 billion, which Saint-Gobain said would boost its earnings and profile in the U.S. market.
Saint-Gobain will pay $37 per share in cash, representing a 3.5% premium to Continental’s closing price on Tuesday. The transaction was announced by both companies late on Tuesday. Continental will be merged into a newly formed unit of Saint-Gobain. The deal has been approved by both companies’ boards and is subject to approval by Continental stockholders and antitrust regulators.
The French company will finance the takeover via proceeds from sales of other non-core parts of its business.
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