Source: www.smh.com.au/businessCSR says not aware of any...

Source: www.smh.com.au/business

CSR says not aware of any takeover bids
January 17, 2007 - 12:15PM

CSR Ltd says it is not aware of any impending takeover bid for the company.

The building products and sugar company was responding to market speculation that it could the subject of a takeover offer by private equity interests.

CSR shares shot up as much as nine per cent on Wednesday to a high of $4.02 amid the takeover speculation.

At 1200 AEDT, they were trading up 11 cents, or three per cent, at $3.79.

"We are not aware of any impending takeover bid for the company," CSR said.

CSR reported a 4.7 cent drop in first half net profit to $109.2 million last November, a decline the company blamed on higher average debt levels from a share buyback that increased finance costs.

CSR said it is expecting a slight fall in 2007 annual earnings amid volatile sugar prices.

© 2007 AAP


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