Mexico's Cemex said on Monday it has increased its interest in takeover target Rinker Group, as it ramps up pressure on shareholders to accept its $14 billion takeover bid.
Cemex , the world's No. 3 cement maker, said its holding in Rinker rose to 29.19% from 28.15% in its previous update.
Shares held under an institutional acceptance facility, which allows institutions to withdraw their acceptances, rose to 12.38% from 11.27%, giving a total interest of 41.57% from 39.42% previously.
Cemex has extended the deadline for its offer to June 22 from June 8. Last month it lowered the level of acceptances needed for a successful bid from 90% to 50%.
Shareholder opposition has scuppered several high-profile Australian takeover bids this year, but Cemex has already won the support of fund manager Perpetual, which held a 10.5% stake in Rinker.
Rinker shares closed at A$19.15 on Friday, below the offer price of about A$19.39 a share, based on the U.S. dollar bid price of $15.85 a share at current exchange rates.