James Hardie chair to meet investors after backlash on Azek deal

Jemima Whyte, Simon Evans and Nicola Blackburn

Apr 7, 2025 – 5.00am

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James Hardie chairwoman Anne Lloyd will meet major institutional investors on Monday to discuss a growing backlash among its Australian shareholders, who are angry they won’t get to vote on the building materials group’s $14 billion merger with US-based Azek.

The company’s board and management sought a waiver from the Australian Securities Exchange that cut out local shareholders from voting on the deal, even though their cash and scrip is being used to fund it. Many investors have declared the Azek deal “value-destructive”.

Jemima Whyte writes on business, specialising in companies, capital markets and innovation. Jemima has reported on business for The Australian Financial Review for more than 13 years.

Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide.

Nicola Blackburn is a markets reporter for The Australian Financial Review in the Sydney newsroom.