27 Nov 2008

Fletcher Building cancels Australian purchase

10:00 am on 27 November 2008

A weaker Australian construction sector has forced Fletcher Building to pull plans to buy the steel products company, Fielders Australia.

steel division chief executive Paul Zuckerman says market volatility and uncertainty has put paid to buying Fielders at this time.

No purchase price had been given, but last month Fletcher Buildings said Fielders had annual sales of $A275 million. Analysts estimated the acquisition would cost between $A150 - $A200 million.