August 25, 2019 / 11:02 PM / 6 months ago

CORRECTED-Australia's Boral expands in Asia, regains control of local unit

(Corrects headline and copy throughout to clarify value of deal and business units involved)

Aug 26 (Reuters) - Australian building materials supplier Boral Ltd said on Monday it has agreed to form a joint venture with Germany’s Gebr Knauf KG to sell plasterboard in Asia, as part of a complex deal that also gives the Australian company back full control of a separate local unit.

Boral said it will pay $241 million to buy a half share of the USG Boral Asia joint venture, which will encompass Knauf’s Asia plasterboard business. Boral will also buy out Knauf’s 50% stake in USG Boral Australia and New Zealand, returning the business to full Boral control.

The overall deal will cost Boral $441 million.

Reporting by Niyati Shetty in Bengaluru and Byron Kaye in Sydney. Editing by Jane Wardell

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