Street Talk

Trade buyers circle CSR’s buzzy building blocks biz Hebel

Sarah Thompson, Kanika Sood and Emma Rapaport

Nov 26, 2025 – 4.46pm

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CSR is a distant memory for public equity managers, swept off the ASX by French building materials giant Saint-Gobain in a $4.3 billion deal last year. Now it’s local trade buyers’ turn to get excited about the once-mighty conglomerate, which owns Gyprock plasterboard, PGH bricks and pavers and Monier roof tiles.

Street Talk understands Saint-Gobain’s CSR has been on the receiving end of inbound interest for its growing building blocks unit Hebel, which describes itself as “Australia’s only manufacturer of Autoclaved Aerated Concrete (AAC)“, for as much as $250 million.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.