Betaville

Barratt Developments snaps up Redrow for £2.5 billion in stock

Consolidation in the British housebuilding sector has been talked about for a while but nobody believed it would actually happen.

But now it actually has with Barratt Developments announcing a £2.5 billion all-share takeover of smaller rival Redrow.

Barratt Developments is offering 1.44 new Barratt shares for every Redrow share which currently values the latter at just over £2.5 billion or around about a 27pc premium to Redrow's share price at yesterday's close...