Takeover deal forms UK’s biggest housebuilder

Takeover deal forms UK’s biggest housebuilder

Thursday, November 24, 2005

Housebuilder Persimmon is to buy smaller rival company Westbury for an agreed £643 million pounds in cash.

The takeover bid would put Persimmon, already the biggest company by market capitalisation, in position to become Britain’s biggest housebulder by units built in 2006. Currently Barratt Developments holds this rank.

The 560 pence-a-share cash offer has been recommended by Westbury's board of directors, although it must be approved by the shareholders of both companies.

Chief Executive John White said the deal would allow Persimmon to make savings on administration and supplies, and the firm would continue to lead consolidation in the sector.

"We see no reason why the largest players in our industry shouldn't be doing more than 20,000 houses per annum," he told reporters. "We'll get this one integrated, but we've still got plenty of opportunities ahead."

Housebuilders have seen their profits put under pressure this year as sales have slowed, giving rise to talk of more consolidation in the house building sector.

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