Reuters reported that CSR officials have backed a nearly $3 billion non-binding takeover proposal from Saint-Gobain. Photo courtesy of Saint-Gobain.

Saint-Gobain is in the process of acquiring Australian buildings materials company CSR Ltd. Reuters reported that CSR officials have backed a nearly $3 billion non-binding takeover proposal from Saint-Gobain.

“The combination is an attractive opportunity for both companies,” Saint-Gobain officials told Reuters. They added that the move would help Saint-Gobain enter the Australian market.

“CSR is currently providing Saint-Gobain with confirmatory due diligence access to progress to a binding transaction at an agreed offer price of [$5.90] per share,” CSR officials said in a statement.

CSR is one of Australia’s oldest companies. It was established in 1855 as a sugar refining business before diversifying into building products. It has $2.7 billion in revenue, 30 manufacturing plants and about 2,500 employees.

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