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USG Shareholders Approve Merger Deal with Knauf
Germany-based Knauf’s acquisition of building materials giant USG Corporation, best known for Sheetrock, moved closer to completion Wednesday, as USG shareholders voted in favor of the merger. The deal was valued at $7 billion when it was announced in June.
Warren Buffet’s Berkshire Hathaway, which controls 31% of USG’s stock, voted in favor of the deal. USG will remain headquartered in Chicago post-merger.
The shareholders’ overwhelming approval, said USG CEO Jennifer Scanlon, was “great news not only for our stockholders, who will realize significant and certain cash value, but also for our employees and customers, who will benefit from the innovation and growth our collaboration with Knauf will deliver.
“We believe in the substantial power of this combination and look forward to uniting these two great companies, pending the receipt of necessary regulatory approvals and other customary closing conditions,” Scanlon continued. The deal is expected to close in early 2019.
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