Lixil CEO: Grohe would be its last big M&A deal for some time
TOKYO (Reuters) - Japan's Lixil Group Corp (5938.T) would take a break from major acquisitions if it completes a planned $4 billion deal for European bathroom fixtures maker Grohe GROH.UL, the chief executive of Lixil told Reuters on Thursday.
Speaking after an unrelated gathering in Tokyo, Yoshiaki Fujimori also said Lixil would not issue new shares for the acquisition, which would be financed in part by funds from the state-owned Development Bank of Japan.
The Grohe deal would come on top of a string of recent acqiusitions including the $542 million purchase of U.S. toilet and plumbing fixtures maker American Standard in August and a 575 million euro ($776.7 million) deal for Italian curtain wall maker Permasteelisa in 2011.
"This is probably it for the time being, because we've done American Standard, we've done Permasteelisa," Fujimori said, adding that the company would focus on integrating the companies it had purchased rather than continue seeking other big deals.
Fujimori said Lixil had reached agreement on major terms for a purchase of Grohe, although there were still some issues that needed to be ironed out. He said an announcement on the deal was likely later on Thursday.
($1 = 0.7403 euros)
(Reporting by Nathan Layne; Editing by Edmund Klamann)
NEW YORK - U.S. stocks finished mostly higher on Friday, with the S&P 500 closing at a record after more jobs than expected were created in February and January's figure was revised higher. | Video
- U.S. small businesses borrowed more money in January than they did a year earlier, signaling continued growth in the economy despite a spate of cold weather that has been blamed for weakness in many other indicators of activity.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.