Australian building products manufacturer CSR received approval from the Fiscal Incentives Review Board for its acquisition by Saint-Gobain.

The $9 per share all-cash offer progresses pending shareholder and court approvals.

The CSR directors unanimously recommend shareholder support, pending no superior proposals.

"This FIRB approval is a key step forward in the acquisition process, bringing us closer to delivering value to our shareholders," said Julie Coates, managing director and CEO of CSR.