Fletcher Building in trading halt

Fletcher Building entered a trading halt this morning, sparking speculation about its next move on the giant Crane Group takeover.

Fletcher announced the halt to NZX at 9.44am and its shares were immediately suspended.

"The trading halt has been placed pending a material announcement by the company," Fletcher said.

The move follows Crane's release this week of an independent expert's report saying Fletcher's offer is not fair and not reasonable.

Fletcher offered A$740 million for Crane in a deal due to close later next month.

Crane criticised the offer and Ernst & Young concurred, saying the shares were worth more than Fletcher was willing to pay.