James Hardie expands in US with A$14b deal
The deal is about growth, but the market was unimpressed and James Hardie shares plunged 13%.
The deal diversifies James Hardie's product suite in an expanding market.
Leading ASX-listed building materials company James Hardie has announced a stock and cash deal to acquire US company Azek.
The deal values the Chicago-based company at A$14 billion ($15b), and Azek shareholders will emerge with around 26% of James Hardie.
On the ASX, investors were sceptical and the
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