HeidelbergCement and Hanson have agreed a takeover of the British heavy materials company for around £8bn, according to an announcement to the stock exchange on Tuesday.
- combined proforma revenues of approximately €15 billion and over 70,000 employees
- The price of £11 per Hanson Share represents: a premium of approximately 29 per cent to the closing mid-market price of 852p per Hanson Share on 2 May 2007, the last business day prior to the announcement by HeidelbergCement that it was reviewing its options with respect to its interest in Hanson.
- Deutsche Bank is acting as financial adviser and broker to HeidelbergCement; Hanson’s financial adviser is Rothschild and its broker is Hoare Govett.
HeidelbergCement, which is controlled by German billionaire Adolf Merckle, is keen to acquire Hanson to help increase its market share and boost margins, reported the FT on Tuesday. The takeover would spell the end of one of the great British conglomerates, built by Lord Hanson through a series of acquisitions during the 1970s and 1980s. The group was broken up during the 1990s, leaving just the building materials business.