With more than 95% of Rinker Group shares secured, Cemex announced plans to acquire remaining shares in accordance with Australian Securities and Investments Commission protocol. An offer allowing holders of remaining shares payment options ($Australian versus $US) was to expire July 16.

Other than the election of a new Rinker board late last month, Cemex has not indicated an integration timetable for its new U.S. and Australian concrete, aggregate and cement assets. Initial moves stand to include the unloading of 39 ready mixed, block and aggregate sites in Florida and Arizona to address competitive concerns the U.S. Department of Justice Antitrust Division outlined in April. A complaint based on those concerns will be withdrawn pending the sale — by year's end — to a Department-approved buyer.

After confirming in early June that it had secured just over 50% of the stock of Rinker Group, Cemex proceeded with a formal takeover the week of June 18. The suitor initially named three of its senior executives to replace current directors on the Rinker board, including Group Chairman John Morschel, based at Sydney headquarters, and Chief Executive David Clarke, based in West Palm Beach, Fla. “We are pleased with the support from the Rinker shareholders [and] are looking forward to the integration, which will create one of the world's largest building materials companies,” affirmed Cemex Chairman Lorenzo Zambrano.

For Clarke, the takeover potentially ends a solid reign during which the Rinker brand has grown exponentially. In 19 years, he has presided over market platform and bolt-on deals that positioned Rinker Materials Corp. as a top-five ready mixed, block, pipe & precast, and aggregate producer. He helped establish a North American beachhead for Australian parent company CSR Ltd., which in July 1988 effected a $515 million buyout of legendary Florida concrete, cement and aggregate operator M.E. “Doc” Rinker. As head of CSR Rinker, then Rinker Materials Corp., Clarke oversaw a string of acquisitions extending the company well beyond the Sunshine State, especially ARC America (1990, $650 million); American Limestone and Florida Crushed Stone (2000, $211 million and $348 million); and, Kiewit Materials (2002, $540 million).

The later deals saw Rinker Materials grow to represent 80% of the sales of Rinker Group, whose emergence as a top-10 global heavy building materials producer led to a March 2003 demerger with CSR Ltd. As a stand-alone materials operator, Rinker Group had a financial track record and growth ambitions warranting a New York Stock Exchange listing.