Fletcher calls Crane takeover unconditional

Fletcher Building chief executive Jonathan Ling addresses shareholders at last year's Fletcher Building annual shareholders' meeting. Photo / Dean Purcell

Fletcher Building, the country's biggest listed company, has waived a requirement to gain full control of takeover target Crane Group and declared its offer unconditional.

The construction company has secured 57 per cent of the Australian pipe manufacturer, and intends to take majority control of Crane's board, appointing Fletcher executives David Worley and Paul Zuckerman to replace existing directors.

The A$10.07 a share cash-and-scrip offer, including a 50 Australian cents special dividend from the target company, closes next Friday, and Fletcher is still encouraging shareholders to accept.

"We are pleased to declare our offer unconditional now that we have a majority interest in Crane, following strong support for the offer from both institutional and retail shareholders," chief executive Jonathan Ling said in a statement.

The Fletcher bid won the approval of Crane's directors after it was sweetened to A$3.50 cash and one Fletcher share for every Crane share.

Last week, Fletcher extended its offer by a fortnight and attracted another 14 per cent.

Fletcher's shares fell 0.6 per cent to $8.61 in trading, and have gained 13 per cent this year.