Corrs, HSF contribute in $4.3bn acquisition of CSR Limited

The cross-border deal reflects Australia's appeal as an investment destination

Corrs, HSF contribute in $4.3bn acquisition of CSR Limited

Corrs Chambers Westgarth and Herbert Smith Freehills (HSF) have confirmed their roles in Compagnie de Saint-Gobain’s $4.3bn acquisition of CSR Limited via Australian scheme of arrangement.

Under the agreement, Saint-Gobain will purchase all outstanding CSR shares at $9.00 per share, reflecting an enterprise value of $4.5bn. According to Corrs lead partner Sandy Mak, the transaction facilitates Saint-Gobain’s entry into Australia’s high-growth construction market.

HSF co-lead partner Tony Damian said that the deal “demonstrates the attractiveness of Australia as an investment destination”

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The Corrs team assisted Saint-Gobain on all aspects of the acquisition. Mak received support from lawyers across the corporate, tax, competition, environment and planning, real estate, and litigation teams.

Meanwhile, Damian led HSF’s team in assisting CSR alongside fellow partner Amelia Morgan. Also on the firm’s team were solicitors Tamara McConnell, Nick Venn and Ben Kyriazis.

UBS Securities Australia Limited served as CSR’s financial adviser on the deal.

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