Joint Ventures Forced

Joint Ventures forced by the global financial crisis

The serious crisis in construction sector in the United States has led to two heavy weights of the country to join forces. Pulte Homes has today reached an agreement of purchase with Centex, whereby both companies fuse your business. The operation is valued by 3.1 million dollars (2,340 million Euros).

Under the terms of the agreement, $ 1.3 billion will be paid through an exchange of shares, while the 1.8 million remaining relate to settle debt.

The shareholders of the newly acquired receive 0,975 Pulte Homes shares by each Centex, title means assessing to the newly acquired 10.5 dollars by title. Taking into account the price average of Centex activities in the last 20 sessions, 10.5 dollars paid by Pulte Homes are a premium of 32,6 %.

The merger of two companies has been adopted unanimously by boards of Directors of the two enterprises. After the purchase of Centex, Pulte Homes shareholders handled 68 per cent of the new company, while the remaining 32 per cent will be in hands of members of the newly acquired.

The Alliance of these two companies will result in the largest constructor group of United States of residential complexes. Combined turnover of the two businesses totaled in 2008 of $ 11.6 million and sold more than 39,000 housing. The payment of the operation could be completed in the third quarter of 2009.

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