Business
Boral delivers a deal, an apology and a promise – The Australian Financial Review
Boral’s $1.4 billion deal to sell out of its plasterboard joint venture buys new CEO Zlatko Todorcevski time and some credibility with investors.
Next came the apology.
The departure of former chief executive Mike Kane led Fagg to launch a review of Borals acquisition of US giant Headwaters for $3.5 billion in late 2016.
The headline message of the review is that Headwaters was a good idea in theory Headwaters did represent a highly complementary business with good growth opportunities that stacked up during due diligence but there were problems in practice.
First, Boral paid too much, leaving it no margin for error when markets struggled….
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