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Saint-Gobain under pressure to hive off distribution

Building materials giant has come under pressure from hedge fund Bluebell to restructure with the sale of the building distribution operations, in order to focus more fully on its core building materials business. The fund is also angling for long-time leader and current chairman Pierre Andre de Chalander to be replaced with an independent chair this Summer.

That’s according to a report in the Financial Times last week (May 11), which has seen letters between the Fund and de Chalander and CEO Benoit Bazin.

Saint Gobain’s building distribution businesses in the UK include Jewson, Jewson Civils Frazer, Minster, though it recently divested the bathroom businesses Graham The Plumbers Merchant, Neville Lumb, Bassetts and DHS.

Jewson Mitcham PhotoRESIZED

About Fiona Russell-Horne

Group Managing Editor across the BMJ portfolio.

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