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HeidelbergCement bid financing
May, 10 2007
German group lines up banks for Hanson
HeidelbergCement has lined up the Royal Bank of Scotland and Deutsche Bank as debt providers ahead of a possible takeover bid for Hanson, the world's biggest supplier of sand and gravel which is valued at about £7.3bn ($14.5bn).
Germany's biggest cement maker, which is controlled by billionaire Adolf Merckle, said last week that it was reviewing its options for Hanson, including a takeover. The two groups have had informal talks with Hanson, but no formal offer has yet been made.
However Bernd Scheifele, chief executive of HeidelbergCement, on Wednesday told investors that he did not anticipate counterbids from rivals such as Lafarge of France or Cemex of Mexico.
French group Lafarge decided to freeze its project of construction of a new cement plant in the Lvov Province in Ukraine.
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