Heidelberg restarts Israeli unit sale after deal cancelled

Heidelberg restarts Israeli unit sale after deal cancelled
Published: 30 December 2009

HeidelbergCement is seeking a new buyer for its Israeli operations as an agreement to sell to Mashav Initiating & Development Ltd. was dropped because of antitrust concerns.

The Heidelberg-based company is evaluating various options and will receive 22.5 million Israeli shekels (US$5.9m) in compensation because of the cancellation, it said in a statement today.

HeidelbergCement and Mashav terminated the agreement, valuing the operations at EUR120m ($172m), after opposition from Israeli antitrust officials, the company said on its website.