Pulte Homes Inc. (PHM) Chief Executive Richard Dugas will be
chairman and chief executive of the company after its merger with
Centex Corp. (CTX), the companies said Tuesday afternoon.
Pulte Chief Operating Officer Steven Petruska and Chief
Financial Officer Roger Cregg will keep their posts.
As previously announced, Centex Chairman and Chief Executive
Timothy Eller will join the board as vice chairman and will be a
consultant for two years after the deal closes. Pulte's founder and
current chairman, William J. Pulte, will remain on the board.
The companies made the announcement after the deal got antitrust
approval from the Federal Trade Commission.
Pulte and Centex are making progress toward the closing, Dugas
said. The companies hired Booz & Co. to help with the
integration planning process.
Pulte's acquisition of Centex, to form the nation's largest home
builder, is expected to be completed in the third quarter.
Pulte's shares closed Tuesday at $9.61, up 2.7%, and Centex's
closed at $9.21, up 3.5%, amid a general market rally. Neither was
active after hours.
-By Kathy Shwiff, Dow Jones Newswires; 201-938-5975;
Kathy.Shwiff@dowjones.com