West Australia’s BGC Group, which makes $100 million a year selling bricks, cement and the like, has reeled in several listed suitors as sell-side adviser Macquarie Capital calls for indicative bids next week.
Rich Lister Denis Wagner is understood to be mulling a bid for WA building materials company BGC Group.While there are unlikely to be any major surprises among the main contenders - AdBri, CSR, CRH and the like - a contender from left-field is Queensland player Wagners, via their ASX-listed Wagners Holding Company.
It would be a big bite for the small cap - market cap worth $242 million market capitalisation at Thursday’s close - and a surprising move, particularly when you consider that BGC’s shareholders want out in full and have their bankers trying to find one buyer for the whole lot. It’s hard to completely rule Boral out given it’s the sector heavyweight and the links between it and BGC. But Boral’s shareholders would like to think the Seven Group-controlled company has better ideas than to buy back the likes of Midland Brick, which is sold to BGC in 2019.
Top of that list is Irish building materials supplier CRH, a perennial tyrekicker in the local market, sniffing around assets even when they weren’t even up for sale.But over its 60-year existence, the company’s built a collection of other units ranging from bulk haulage services in Perth’s metro area to asphalt production.Tyrekickers reckon the estate’s after a whole-of-the-business sale, instead of a carve up, and a deal done this year if possible.
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