Welcome news for shareholders from one of our largest companies' change in direction.

Fletcher Building is selling its construction arm to French multinational Vinci Construction in a deal worth up to $334 million.

The sale is subject to regularity approval, and reflects Fletcher’s move to focus on manufacture and distribution.

Mark Lister from Craigs Investment Partners says it'll help the company get back on track - simplifying business and bringing down debt.

"They hadn't had a dividend since 2023, so I think they want to get into a position where they can reduce debt levels and start paying dividends again."

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