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18 February 2011   |   Announcements

Fletcher Building Pleased to Announce FIRB Clearance for Crane Takeover

Fletcher Building Limited (Fletcher Building) today announced the fulfilment of a further regulatory condition for its proposed acquisition of Crane Group Limited (Crane).

The Foreign Investment Review Board (FIRB) decision satisfies another key condition of Fletcher Building (Australia) Pty Limited's (Fletcher Building Australia) off market takeover offer for Crane.

A formal notice of the fulfilment of the condition in Fletcher Building Australia's offer in clause 12.8(a)(i) (FIRB Approval) of its Bidder's Statement is attached. The offer remains conditional on, among other things, New Zealand Commerce Commission approval and Fletcher Building having a relevant interest in 90 percent of Crane ordinary shares.

ACCEPT the Offer

Crane's Directors have unanimously recommended that Crane Shareholders ACCEPT Fletcher Building Australia's offer, in the absence of a superior proposal.

The offer closing date is Friday 11 March 2011, unless extended.

Shareholders requiring additional assistance should call the Offer Information Line on 1300 042 036 (toll free for calls made within Australia), 0800 505 529 (free call for calls made within New Zealand) or +61 3 9938 4357 (for calls made outside Australia or New Zealand).

END

For further information contact:

Philip King
General Manager
Investor and Media Relations
Ph: +64 9 525 9043
Mob: +64 27 444 0203

FLETCHER BUILDING (AUSTRALIA) PTY LIMITED (ACN 093 539 452)

NOTICE OF FULFILMENT OF DEFEATING CONDITION

TO:              CRANE GROUP LIMITED (ACN 008 410 302) (Crane)

AND TO:      Australian Securities Exchange LIMITED

RE:              Offer by Fletcher Building (Australia) Pty Limited (Fletcher Building Australia) for all of the ordinary shares in Crane that it does not already own (Offer) pursuant to the bidder's statement dated 10 January 2011 (Bidder's Statement) as supplemented by the second supplementary bidder's statement dated 4 February 2011, the third supplementary bidder's statement dated 9 February 2011 and the fourth supplementary bidder's statement dated 10 February 2011.

In accordance with section 630(4) of the Corporations Act 2001 (Cth), Fletcher Building Australia gives notice that the Offer condition contained in section 12.8(a)(i) (FIRB Approval) of the Bidder's Statement has been fulfilled.

Signed for and on behalf of Fletcher Building (Australia) Pty Limited by:

Ralph G Waters
Director

Dated:       18 February 2011