RNS Number:3243J
CSR Ld
28 March 2003

CSR LIMITED RECEIVES FINAL COURT APPROVAL FOR DEMERGER OF RINKER

The demerger of Rinker Group Limited (Rinker) from CSR Limited (CSR) will go
ahead, after the Federal Court of Australia today approved the scheme of
arrangement between CSR and its shareholders.

CSR intends to lodge a copy of the Court orders made by the Federal Court with
the Australian Securities and Investments Commission as soon as possible today.
This is the final formal step in the demerger approval process.

The demerger will take effect on 11 April 2003.  Eligible CSR shareholders will
retain their CSR shares, plus receive one Rinker share for each CSR share that
they hold as at 5 pm on 4 April 2003.

Rinker shares will begin trading on the Australian Stock Exchange on 31 March
(ASX code: RIN), initially on a deferred settlement basis.  CSR shares will
begin trading on the same day ex the entitlement to the Rinker shares.

Both Rinker and CSR will be Australian companies, headquartered in Sydney, and
are expected to be listed within the Top 50 and 100 ASX stocks respectively.

Rinker will comprise around 70% of current CSR group assets, and is expected to
be one of the top 10 heavy building materials groups in the world.  Annual sales
are estimated around A$5.8 billion* and earnings before interest, tax,
depreciation and amortisation (EBITDA) around A$1.1 billion.  Rinker group
businesses in the US, Australia and China, supply aggregates, cement, premix
concrete and concrete pipe and products.  Rinker is expected to be a growth
company, focused on delivering a top quartile performance, relative to global
peers, on measures including growth in shareholder value.  Strong cash flows and
expected investment grade credit ratings provide financial flexibility, while
the group's leading market positions have helped deliver a combined EBITDA
growth of 18.7% p.a. compound over the past four years.

CSR will be a diversified industrial stock, with operations in Building
Products, Sugar and Aluminium.  CSR has a stable earnings history and holds some
of the best known brands in Australia, including CSR Sugar, CSR Bradford
insulation, CSR Gyprock plasterboard and Monier Wunderlich roof tiles.  Sales
revenue is estimated to be around A$2 billion, with EBITDA around A$370 million.
CSR is expected to appeal to yield investors, paying around 60-70% of its
after tax profit in dividends - that should generally be highly franked.
Investment grade credit ratings are expected, and several attractive, low risk
growth opportunities exist.

David Clarke and Alec Brennan have been appointed Managing Director of Rinker
and CSR respectively.  The Chairman of Rinker will be John Morschel, while the
CSR Chairman will be Ian Blackburne.

CSR shareholders who have a registered address in a jurisdiction other than
Australia, Abu Dhabi (United Arab Emirates), Hong Kong, New Zealand, Singapore,
the United Kingdom or the USA are Ineligible Overseas Shareholders. The Rinker
shares to which those shareholders are entitled, as a result of the demerger,
will be sold by a sale agent and the Ineligible Overseas Shareholder will
receive the net proceeds of the sale.

Holding statements in respect of Rinker shares will be posted to eligible CSR
shareholders on or before Tuesday 22 April 2003. Normal trading of Rinker shares
is expected to commence on Wednesday 23 April 2003.




* Including a full year's sales revenue from the Kiewit Materials Corporation,
acquired in September 2002.

NB All figures are proforma data for the year ended March 2003, from the
demerger scheme booklet.




For further information, please contact Debra Stirling on 61 2 9235 8040 or 0419
476 546

28 March 2003
                          CA&IR 09/03


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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