Onoda Cement Co Ltd

CalMat, one of Los Angeles' oldest and largest companies, Monday swapped its California Portland Cement subsidiary for CalMat stock held by the largest cement maker in Japan in a deal valued at about $310 million. Onoda Cement Co. bought the 5.8 million shares and received the option to buy California Portland Cement two years ago as part of a deal that thwarted a hostile takeover of CalMat by New Zealand corporate raider Ronald A. Brierley.

CalMat, one of Los Angeles' oldest and largest companies, Monday swapped its California Portland Cement subsidiary for CalMat stock held by the largest cement maker in Japan in a deal valued at about $310 million. Onoda Cement Co. bought the 5.8 million shares and received the option to buy California Portland Cement two years ago as part of a deal that thwarted a hostile takeover of CalMat by New Zealand corporate raider Ronald A. Brierley.

New Zealand corporate raider Ronald A. Brierley has reluctantly ended his hostile takeover assault on CalMat, one of Los Angeles' biggest and oldest companies, and agreed to sell his shares to Japan's largest cement maker, spokesmen for all three parties said Wednesday. Brierley will sell his 19% stake to Onoda Cement Co. for $41.75 a share, making the deal worth $242 million.

New Zealand corporate raider Ronald A. Brierley has reluctantly ended his hostile takeover assault on CalMat, one of Los Angeles' biggest and oldest companies, and agreed to sell his shares to Japan's largest cement maker, spokesmen for all three parties said Wednesday. Brierley will sell his 19% stake to Onoda Cement Co. for $41.75 a share, making the deal worth $242 million.