Soul Patts, Brickworks to Cement Ties With $9 Billion Merger
SYDNEY—Australian investment manager Washington H. Soul Pattinson SOL 8.43%increase; green up pointing triangle and building-products maker Brickworks BKW 15.41%increase; green up pointing triangle agreed to merge into a single company worth US$9 billion, cementing a formal relationship that began almost 60 years ago.
The companies, which have held stakes in each other since 1969 as protection against hostile takeovers, on Monday said that they plan to cancel their cross-holdings and form a group with significantly increased scale and liquidity.
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