Fletcher's Crane bid edges toward 82pc

Fletcher Building chief executive Jonathon Ling File photo

Fletcher Building's $1 billion takeover of Crane Group reached a milestone after it edged towards 82 per cent control.

A joint statement yesterday from Philip King, Fletcher general manager investor and media relations, and Mark Rudder, of Cosway Australia, said Fletcher now owned 70.6 per cent of Crane and a further 3.5 per cent of shares were in the process of being accepted via the institutional acceptance facility.

"In addition, Tyndall Investments has indicated it intends to accept in respect of its 7.7 per cent holding of Crane shares on March 28," the statement said.

"Therefore, Fletcher Building's current relevant interest, when combined with the remaining shares still subject to the acceptance facility and Tyndall's 7.7 per cent holding, represents 81.9 per cent of all Crane Shares."

Fletcher intends to operate Crane as a division and de-list Crane from the ASX. Last week, Fletcher waived a 90 per cent minimum acceptance condition.

Exiting Crane chief executive Greg Sedgwick will be replaced by Fletcher's David Worley.