- Saint-Gobain said it had agreed to acquire Continental Building Products for $37 a share in cash.

Continental Building Products, a plasterboard player in North America, employed 645 people and was expected to generate 2019 revenues of approximately $510m and adjusted earnings (EBITDA) of approximately $130m per broker consensus.

The business had 'strong geographic complementarity with Saint-Gobain's North American operations, good positioning in growth regions in the East and South-East of the United States and strong profitability,' Saint-Gobain said.

The combination created an 'opportunity for approximately $50m in cost synergies and performance improvements,' it added. These cost synergies were expected by the end of the third year following transaction close, which was expected in the second half of 2020.

The deal valued Continental Building Products at $1.4bn.

At 10:09am: [LON:COD] Compagnie De StGobain share price was -1.13p at 37.09p

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