Yesterday it was announced
that Florida Rock Industries
was acquired by Vulcan Materials
for $4.6 billion in cash and stock (h/t to reader Mark). Like all good citizens of the 21st Century, my initial reaction was "Very nice, but how does this affect ME
?" The Florida Rock
property along the Anacostia River is actually owned by FRP Development
(aka Florida Rock Properties, not the company just acquired by Vulcan) which is a subsidary not
of Florida Rock Industries, but Patriot Transportation Holding Inc.
Whaaa? Here's how it shakes out, according to the Patriot company profile at Reuters
: "Florida Rock Properties, Inc. owns real estate, of which a substantial portion is under mining royalty agreements or leased to Florida Rock Industries, Inc. (FRI), a related party." You can get a feel for how these separate-but-related companies are intertwined by reading these transactions summaries
. But to go back to the original question, of how the Vulcan Materials acqusition of FRI might impact the Anacostia riverfront Florida Rock
project--I have no idea, but will watch for tidbits and hints.
I would have hoped this went without saying--no, this story is NOT
reporting that the Florida Rock
site across from the stadium
was sold for $4.6 billion. It's a story about big companies acquiring other big companies. And that one of those big companies has interests in a site in Near Southeast.