HeidelbergCement in friendly takeover bid for Britain's Hanson

0 Comments | AFP, May, 2007

HEIDELBERG, Germany (AFP) — HeidelbergCement said Tuesday that it is launching a friendly takeover of British building materials specialist Hanson in a bid to become the world's number two cement manufacturer after French giant Lafarge.

HeidelbergCement said in a statement it was bidding 11 pounds per share or 8.0 billion pounds in all for Hanson.

The offer had the blessing of Hanson's board of directors, the German company said.

The deal, which was expected to be completed in the third quarter of this year, would be financed via bonds and asset sales, the German company said.

HeidelbergCement is one of the leading producers of building materials worldwide, employing around 46,000 people and generating revenues in excess of nine billion euros in...