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Highlights:

  • Civmec completes acquisition of Luerssen Australia to expand defence operations
  • Dexus upgraded to "accumulate" by Ord Minnett with AUD 7.20 price target
  • James Hardie finalises AUD 8.4 billion Azek acquisition via cash and scrip

Shares of Civmec Ltd, Dexus,and James Hardie Industries plc gained in today’s trading session following announcements related to acquisitions and an analyst upgrade. The market reacted positively to each development, reflecting investor attention to strategic transactions and outlook revisions.

Civmec Ltd (ASX:CVL) shares rose over 6% to AUD 1.20 following the company’s announcement that it has completed the acquisition of Luerssen Australia from NVL Australia. This transaction will see Luerssen Australia integrated into Civmec’s operations under its Defence and Infrastructure division (CDI).

Civmec is a Perth-based multidisciplinary construction and engineering company that serves sectors including resources, energy, infrastructure, and defence. The acquisition is expected to support the ongoing delivery of the Offshore Patrol Vessel (OPV) program, a major defence initiative involving the Royal Australian Navy.

Chairman James Fitzgerald stated that the integration of Luerssen Australia is aimed at maintaining progress on the OPV program and ensuring continuity in shipbuilding efforts. The company also indicated its focus on ensuring a smooth transition for Luerssen’s employees and clients.

Dexus (ASX:DXS) Shares increased nearly 2% to AUD 6.88 after Ord Minnett issued a broker note upgrading the stock to an “accumulate” rating with a revised price target of AUD 7.20. The brokerage firm cited a favourable macroeconomic backdrop, including falling interest rates and stabilising asset values, as key factors supporting the revision.

Dexus is a leading Australian real estate group managing a diversified portfolio of office, industrial, retail, and healthcare properties. Its assets under management exceed $60 billion, with holdings located primarily in major Australian cities.

The analyst note suggested that current market conditions could support moderate earnings growth for Dexus over the coming quarters.

James Hardie Industries plc (ASX:JHX) shares rose nearly 5% to AUD 42.65 after the building materials company completed its acquisition of The Azek Company. The deal, valued at approximately AUD 8.4 billion, was settled through a combination of cash and stock.

The acquisition significantly expands James Hardie’s footprint in the North American market, particularly in the residential exterior products category. Azek’s product range includes composite decking, railing, trim, and other outdoor living materials, which will now complement James Hardie’s existing fibre cement and sustainable building solutions.

James Hardie, headquartered in Ireland and founded in Australia, operates manufacturing and distribution facilities across North America, Europe, and the Asia Pacific. The company said the transaction aligns with its long-term strategy of growing its presence in adjacent product categories.