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Good evening,

Fletcher Building has agreed to sell its Tradelink plumbing and bathroom supplies business to Metals Manufacturers, a subsidiary of US-based Blackfriars Corporation.

An announcement is expected on Monday morning. Blackfriars is controlled by the secretive Colburn family, and was self-advised. Miles Advisory ran the sale process.

Metals Manufacturers saw off local turnaround specialists, Anchorage Capital Partners and Allegro Funds, in the early stages of the auction. But it was competing against Luminis Partners-advised Mesh & Bar, the reinforced steel distributor founded by former Infrabuild boss Dak Patel, in the final round as revealed by this column.

Sources said Blackfriars would acquire Tradelink for between $150 million to $175 million.

Read the full story tomorrow and more on the Street Talk page.

Orora’s decision to splash $2.2 billion on Saverglass is in shaky territory. The ASX-listed can and bottle maker’s shares are down 46 per cent since the acquisition, nearly $400 million has been wiped off its market capitalisation, and its target’s earnings to June 30 are tipped to be 14 per cent lower than expected.

Australian shares rallied 1.3 per cent on Friday in broad gains after upbeat data soothed fears that the US economy was facing a recession, ending a brutal week for global markets on a positive note.

Click here for the latest equity market wrap.

 
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