Hanson admits German takeover approach
May, 09 2007
HeidelbergCement, which is controlled by the billionaire Adolf Merckle, has the once-mighty conglomerate in its sights
Hanson has written to shareholders about a possible bid from HeidelbergCement, of Germany, which could value the British building materials group at more than £8 billion.
Hanson, which is being advised by NM Rothschild, the investment bank, said today that investors should seek advice before making any changes to their shareholdings in the company.
Heidelberg's interest in Hanson emerged last week, with speculation that the cement maker could be prepared to pay up to £11.50 a share for the UK group, valuing it at £8.2 billion.
Heidelberg is controlled by the billionaire Adolf Merckle, who is one of the richest men in Germany with a £6.5 billion fortune.
Hanson braced for bid from HeidelbergCement
Hanson shares hit record after US rivals seal a deal
Since last week, Hanson's shares have rallied on the back of the German company's interest, from about 870p.
The shares were trading at £10.35 early today.
Hanson is the last British aggregates company to remain independent.
The most recent acquisition in the sector was the takeover last year of Pilkington by Nippon Sheet Glass for £2.2 billion.
Ash Grove Cement Corp. will shut down two polluting cement kilns in Midlothian next year when it finishes building a new-technology kiln at the site, part of a national settlement with the Environmental Protection Agency.
BORAL has scaled down operations at Dubbo, putting off an asphalt maintenance contract crew based in the city. More