Construction firm Martin Marietta to buy Texas Industries for about $2.6b

NEW YORK (REUTERS) - Construction material supplier Martin Marietta Materials is buying Texas Industries for about US$2.06 billion (S$2.6 billion) in stock.

Texas shareholders will receive 0.7 Martin Marietta shares for each Texas share held.

Martin Marietta shareholders are expected to own about 69 per cent of the combined company and Texas Industries shareholders the rest.

Texas Industries had put itself up for sale as its largest shareholders sought to exit their stakes, Bloomberg had reported in December.

Southeastern Asset Management and NNS Holding together have about 50 per cent stake in Texas Industries.